We are in a consolidation between 1261 and 1275. At the bottom of this consolidation range traders are stepping in with longs. They are closing their longs at or near to the top of the range.
Most probably we have an Unlimited seller who kills every momentum in gold when it's trying to break 1272-1273$. It's crystal clear this player(s) doesn't want to force gold to break below 1250 because when price drops below 1265$ these attacks are stopped.
As soon as we break above 1276 the rally is starting.
We can have 2 scenarios to be played out.
1. (RED)
It's a daylight scenario. In this case they will need the bears to see the price action and enter shorts on a news or event ( for example it could be tomorrow's GDP news). On a good data - what they know before we would get know it - they start to sell gold. Gold breaks below the lower level of the consolidation( 1260$) . That will trigger the range trader's stops who are trying to long the next move in the range. Also the sleeping bears will be activated as a breakdown occurs. It could be strong and sudden move down with the bulls margin calls.
I think this will not take out the 1241$ level but it could be very close to that level. When the stops were run and they have all the bears on board they turn price in the next hour squeezing the bears' shorts and the rally can begin without the bulls who were overleveraged and had stopped out.
2. (BLUE)
Night scenario.
It also can happen any night when miners were down. ( Tonight is also a perfect night for this scenario)
This is a miners gap up scenario. In this version they break gold price above 1275-76$ in the night session. When USA opens the next day gold could be around 1285$ and miners are opening with a huge gap leaving everyone behind.
Most probably we have an Unlimited seller who kills every momentum in gold when it's trying to break 1272-1273$. It's crystal clear this player(s) doesn't want to force gold to break below 1250 because when price drops below 1265$ these attacks are stopped.
As soon as we break above 1276 the rally is starting.
We can have 2 scenarios to be played out.
1. (RED)
It's a daylight scenario. In this case they will need the bears to see the price action and enter shorts on a news or event ( for example it could be tomorrow's GDP news). On a good data - what they know before we would get know it - they start to sell gold. Gold breaks below the lower level of the consolidation( 1260$) . That will trigger the range trader's stops who are trying to long the next move in the range. Also the sleeping bears will be activated as a breakdown occurs. It could be strong and sudden move down with the bulls margin calls.
I think this will not take out the 1241$ level but it could be very close to that level. When the stops were run and they have all the bears on board they turn price in the next hour squeezing the bears' shorts and the rally can begin without the bulls who were overleveraged and had stopped out.
2. (BLUE)
Night scenario.
It also can happen any night when miners were down. ( Tonight is also a perfect night for this scenario)
This is a miners gap up scenario. In this version they break gold price above 1275-76$ in the night session. When USA opens the next day gold could be around 1285$ and miners are opening with a huge gap leaving everyone behind.
Comment:
This would be the red scenario.
Comment:
It seems to me that we lost the price controller...
Comment:
Watching the weekly chart it's very bullish to me...
The 50 and 200 SMA crossover is ahead of us.
We just tagged the 200 SMA and heading higher with a green weekly candle again...
The 50 and 200 SMA crossover is ahead of us.
We just tagged the 200 SMA and heading higher with a green weekly candle again...
Comment:
Lightspeed....
Guys I told you it's coming....
Guys I told you it's coming....
Comment:
DXY cannot stand up. If we printed the top there is no
manipulation can gold stop going up from now.
manipulation can gold stop going up from now.
Comment:
I had no internet access on the weekend so updating gold in the next hour after NatGAs
I think as oil, stocks might be collapsing gold will rocket higher in the following days. I will post a strong long idea in the next hour .
If you want to be positioned don't hesitate.
I think as oil, stocks might be collapsing gold will rocket higher in the following days. I will post a strong long idea in the next hour .
If you want to be positioned don't hesitate.
It's a mirror chart to see the similarity.