The flag seems to be ready by today morning ... I'm waiting for a breakdown again as it seems we will not be able to hold above the 100 EMA for too long. The breakdown should be violent with a low on Friday afternoon this week or Monday next week. I think we will be testing 1195 and maybe 1180-82$ ...
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We aren't done yet.
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Let's see Grandma's Pie. Is she baking bull pie or bear pie?
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I'm going to send out a complex gold report tonight for the hard core. As we have a lot of newbie members I think we need to cover all the bases. For all who is not on my e-mail list I'm going to reopen once more the private idea e-mail list : if you want to get the update send me an email to chartwatchers@gmail.com . Who got the last update please don't send anything you will get it automatically.
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The flag is breaking down...
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RSI is too oversold for a significant breakdown. Some sideways move in the evening and the USA could wake up for a 1200$ gold. We need momomomomo more time...
Arpi, I think you are focusing too much on the last leg down, that may never come.
we are reversing, unless grandma does somehting crazy at 9:00 am, gold should continue to the upside.
Let see what happens
sahinrecan
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@Mitasse, it should be good excuse the balance the market by the grandma today, with a relative hawkish stance, 4 months - red DXY and 6 months run of eurusd shall be balanced a little bit.
cause the dxy and the eurusd becoming too hot pot to handle. blowing steam.... albeit i agree the gold might not see the final last leg, i think market way too much priced the weakness of the "grandma" . things can reverse. 6 months of fall in dxy is a good trend , as nothing lasts forever...
chartwatchers
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@Mitasse, I think she might call a temporary bottom in the USD.
They can't hike into a collapsing dollar.
And they need to hike...
@chartwatchers, I always appreciate your opinions which are right at the most time, however, this accuracy may cloud your judgment. Shorting gold has become an overcrowded trade since last week. This is another 11/08/2016, just in the opposite way. Good words may harsh and seem mean. All due the respect my friend.
shinsky
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@XiaoLi, Looks like gold has bottomed is the overcrowded trade from all these comments on @chartwatchers trading idea
XiaoLi
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@shinsky, this is a very smart comment. The definition of "overcrowded" is based on the open short contract in the exchange, which may direct the price, for me, over 45% percent of the management money contract choose to short is an absolute "overcrowd". AGAIN, I say this all due to the respect to Mr.Chartwatcher, not because I owe anybody an answer.
shinsky
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@XiaoLi, Overcrowded is when all these TV retail traders start making their bottom/top calls on other peoples comments. Just so they try to get some exposure. To me, you're just another bjorn troll but sounding more polite
So we will see who is right. My money is on @chartwatchers, not you @XiaoLi . With all due respect :)
XiaoLi
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@shinsky, "bjorn troll" is beyond my language skills, but it sounds unpolite. Anxious and nervous is the typical sign when traders lose money, and the above emotions will lead people's behavior more like a fractious one.
shinsky
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@XiaoLi, We will see. I have my money on @chartwatchers . I've see you comment before and have been wrong numerous times! With all due respect!
we are reversing, unless grandma does somehting crazy at 9:00 am, gold should continue to the upside.
Let see what happens