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.
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We can spent one more week in the raising triangle:
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No panic. Not even lower low.
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It's a game with the nerves. This is the consolidation. Wears you out.
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DS77
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We close outside the bottom of that triangle today (already there currently) and I think this follows through to the downside next week. The big green candles this trade was looking for have turned into big red candles. I wouldn't be holding gold over the weekend unless we see a big bounce from here today.
bertcoin
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I got out of miners a few days ago. Going to sit this consolidation out. Wait for a clear high or DCL and decide what to do. Besides, energy is much more fun right now.
toothless
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Same!
USSRandolph
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Me too!
TheZabisyu
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Bad sign closing below Trend line. Not Good at all. Who knows where it will be already on Monday.
pbartashevich
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That bounce at 9AM was good. Gives hope. We are still in triangle. Here it is zoomed in. I just don't know if we break it or not on Monday but from cycle count we should not.
RufusDawes
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It's like a game of chicken with the bears waiting for this breakout, lol! This is day 21 of the current daily cycle, average days is 28 to the cycle high so we still have the probabilities on our side... this could even punch a cycle top near the end of the 38 day cycle, and have 3 or 4 violent red bars to punch the new DCL... still waiting this one out long.
pbartashevich
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No words on Gold. Looks like bulls capitulated to Yellen.
chartwatchers
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LOL. This is good.
Anyway I'm still bullish we are in a beartrap. Will post in a few minuets
GoldB777
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The consolidation is becoming Killer for my positions...