On the 27.04. we had a FOMC meeting. At those days we were also in a triangle.
The next day we broke out of the triangle and printed 2 days of strong rally to the daily cycle high. (Highligted by blue )
I think there is a decent chance the same thing is happening now. This week we should print the daily cycle high and we need a higher high above 1376.
If you watch the chart very carefully you will see that we closed above the market today (green). So if the powers want gold to break out they will do it tonight in the next few hours.
wants to crossover
is heading to overbought - bouncing the 2nd time without getting overbought
If I'M right we will have a pop to 1390-1400 in the next 2-3 days that will be the cycle top of this 2nd daily cycle.
I will set this idea as long. I'm long from 1315-1324 and still convinced about the breakout to 1390.
P.S.: Thanks to mrtommifunn who helped me to find the 27.04. breakout
It's in America.
But I think he is running out of gold now.
No big slam today.
They compared recent investing to playing a poker game against a person with infinite amount of chips.
I think they will never run out of the gold/silver as they manipulate price with paper gold and don't have to deliver it.
Gold will skyrocket when BANKSTERS will decide enough if enough.
Some other people say US keeps gold prices low so, China could accumulate it.
Apparently China needs that gold to be included into SDR global currency - at the moment there are only 4 currencies https://www.imf.org/external/np/fin/data/rms_sdrv.aspx
To be included into SDR Valuation, China needs few % of their GDP backed in gold. Officially they have only 0.7% of their GDP backed by gold. https://www.youtube.com/watch?v=ICLxRFSYwGk
As soon they will get enough gold, crisis will hit and gold will fly and Chinese Yuan will go up.
What do you guys think about this?
But I also don't think Gold will tag 1390 this time around folks. There aren't enough Buyers at the moment and a triangle consolidation can easily turn into a sideways consolidation - with perhaps an undercut low to mark the next DCL - to give time for the 200MA to catch up before the next leg up.