chartwatchers
Short

GOLD - Testing back the breakdown level

FX:XAUUSD   Gold / U.S. Dollar
3463 35 41
Gold             seems to be testing back the breakdown level (and the 100 EMA ) on the hourly chart.
After Monday's monster move down we needed some kind of consolidation.
This level should hold now as the dollar continues its rally.

We have to get prepared for the dip buyers. The big funds will be positioning on this way down for a long term hold (3-4 years) in gold             . They might come out of the shadow and start to buy at every oversold point of the chart.
Comment: The volume of the last 16 hours of "rally" very low. I'm still thinking that it's a only testback or a fakeout move. The next 4 hrs candle's volume will be the big volume. Let's see what's happening there.
Comment: With the weakening dollar gold should have rallied much much more today.
I see internal weakness in gold. And DUST almost in 0...

Holding all XAUUSD short positions and DUST long positions.
Comment: We are in a critical zone now. If we break down the 1270 level I think the chance is very high that the backtest is done and we are heading down...
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Comment: Again...
Could someone sell into this 100.000 contracts please to break it down?
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Comment: Thanx!
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Comment: I'm watching this channel now:
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Comment: Miners are not buying this gold pop:
DUST +6.5%
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it might retest the recent highs
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Like this one ;-)
...kinda similar:

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+1 Reply
wating for short on 1280?
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whats going on any hope of reversal ?
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In your last comment, you said, "I see internal weakness in gold. And DUST almost in 0..." Can you finish your statement about DUST? Thanks!
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Is the sky falling???
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Chartwatchers, excellent calls on your part. How low are you expecting gold to go before we put in a bottom? Then what is the counter high for DUST at that point? Thanks.
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chartwatchers PRO courageousone
Thanx!
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chartwatchers PRO courageousone
I think we are going down to 1120-1170.
DUST is hard to tell ... We see in real time. Maybe 4$ maybe 6$.
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XTAL.ball chartwatchers
1120-1170 when? End of June?
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Yes. +/- 2 weeks.
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XTAL.ball chartwatchers
That would be a wonderful reality for me :)
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courageousone XTAL.ball
Could this time with the Brexit vote in Britain? Looks like it. High volatility at the time looks likely.
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chartwatchers PRO courageousone
Absolutely. They start to sell off the euro as Brexit coming closer and closer.
Remember what happened with the greeks. Total chaos in the EU.
The dollar will print its top around that time...
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courageousone chartwatchers
What happens if Britain votes to leave the EU? Just speculation at this point. I doubt they will allow it to happen but just a thought. I have a feeling that gold needs to correct below 1000$ to get all the bulls to turn bearish for the gold market to finally put in a bottom and then begin its real rise.
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lol, as soon as you said someone please sell 100,000 it shot down! Im still holding from 1300 level and got 20 call options on DUST
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:D
We needed some support. Fat up of waiting.
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TheFXNow chartwatchers
wow! what just happened!!?? Major move up so quick
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and again at 1271/72... retest?
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MoLee nexuz
I certainly hope so.. if not we be having a reversal on our hands. But gosh.. how many times they wanna retest?
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nexuz MoLee
maybe news trading or smth like that
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MoLee nexuz
Maybe, I wouldn't know. I'm doing pure TA. But I do hope it would move down and at least continue down rather than keep retesting.
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MoLee MoLee
Maybe folks are waiting for the FOMC members to speak. :D and bring the USD some good value.
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nexuz MoLee
also possible :) couldnt resist and grabbed another short at 1280
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MoLee nexuz
Me too.. Now fingers crossed and hope the FOMC members provide some good news for us :D
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MoLee MoLee
I don't know what she said but it must be good for the USD, cuz GOLD is going down.
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nexuz MoLee
some dovish words for usd would be awesome - would speed things up a bit :]
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MoLee nexuz
haha.. Well.. there's still one more FOMC member speaking some 30mins later.
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Miners are not buying this gold pop:
DUST +6.5%
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nexuz chartwatchers
maybe some big bulls wanted to get out? the up move is completly gone now
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RogerS PRO chartwatchers
whats the diff between DUST and GDX ? Thanks mate
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There are 3 ways to invest in gold miners:
1. Buying individual shares : for example Barrcik gold, ymana gold etc.
2. Individual shares are risky: some of them will run some of them will fall. But you ca buy the whole sector if you are buying GDX.
GDX is and ETF. The Fund seeks to match as closely as possible the price and yield performance of the AMEX Gold Miners Index. If you are buying GDX is similar if you go long in all of the holdings what GDX has :http://www.marketwatch.com/investing/fund/gdx/holdings .
3. If this is not enough you can jump into an 3x ETF . GDX's 3 ETF is NUGT. When GDX rallies 3% NUGT rallies 9%. You can go long in this when a big move is starting : like in january this year.

DUST is the inverse fund of NUGT. When you are buying DUST is almost the same as you short NUGT. It's a 3x ETF also.
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chartwatchers PRO chartwatchers
Actually the 3x ETF s are used for hedging. It's a very risky trade. But also can make big gains with it...
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RogerS PRO chartwatchers
Thanks mate !! Very well explained !! Now we just have to 0_0 and learn !! :)
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If Gold tanks, will stocks tank and the dollar and treasuries rally. I think I have seen this before and would this be a confirmation of the move. Like your insights. Cheers mate
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