August triangle.
Disappointing. Killer. Boring.
Thus describes gold's last month. We broke the critical area where I was hoping for a breakout but the only thing happened the triangle started to evolve into a bigger triangle.
My other problem is the dollar. Gold was unable to pop with the falling dollar during the last few days.
It doesn't show too much strength. Due to my cycle count we still could pop up to 1390-1400 just to print the cycle high. And actually we should do that as we are in a bull market so the daily cycles should be higher highs.
Before bears would come out of the caves telling me "told you so" I would like to warn them that the long side
was still more profitable then the short side here. I'm still in profits as we are printing a raising triangle ( green at the 2nd post ) in this consolidation with higher highs.
So based on this green raising triangle this is still long for me as we are attacking 1356$ from higher lows again and again.
Indicators:
Watch the RSi : as soon as it breaks below 50 it's heading to overbought again. It shows strength to me.
Gold looks a dead money to me right now. In my personal portfolio I decreased the gold position below 10% as I'm sitting in energy
I will set this idea long as I'M still holding my longs , but I dont suggest to enter right now. I would wait what happens in the next 2-3 days. Hopefully we can print a breakout.
Disappointing. Killer. Boring.
Thus describes gold's last month. We broke the critical area where I was hoping for a breakout but the only thing happened the triangle started to evolve into a bigger triangle.
My other problem is the dollar. Gold was unable to pop with the falling dollar during the last few days.
It doesn't show too much strength. Due to my cycle count we still could pop up to 1390-1400 just to print the cycle high. And actually we should do that as we are in a bull market so the daily cycles should be higher highs.
Before bears would come out of the caves telling me "told you so" I would like to warn them that the long side
was still more profitable then the short side here. I'm still in profits as we are printing a raising triangle ( green at the 2nd post ) in this consolidation with higher highs.
So based on this green raising triangle this is still long for me as we are attacking 1356$ from higher lows again and again.
Indicators:
Watch the RSi : as soon as it breaks below 50 it's heading to overbought again. It shows strength to me.
Gold looks a dead money to me right now. In my personal portfolio I decreased the gold position below 10% as I'm sitting in energy
I will set this idea long as I'M still holding my longs , but I dont suggest to enter right now. I would wait what happens in the next 2-3 days. Hopefully we can print a breakout.
Comment:
We can spent one more week in the raising triangle:
Comment:
No panic.
Not even lower low.
Not even lower low.
Comment:
It's a game with the nerves.
This is the consolidation.
Wears you out.
This is the consolidation.
Wears you out.