I still can see the bottom pickers everywhere: "Gold bottomed yesterday." But on the Heikin Ashi chart all I can see is : sea of red. It's not ready yet. Yesterday we printed a red candlestick again.
I highlighted the previous ICLs by red. I don't feel it's ready yet. The breakout above the trend line a month ago is no question by today: it was a bull trap. It's the 3rd time MACD crossed over below 0. It's time to see some extremes. RSI started to print the oversold zigzag. I'd like to see some more of that.
If Yellen calls the bottom in the dollar today gold could start the final phase of this decline.
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On the 4hrs chart we perfectly tested back the previous DCL.
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Before we start to celebrate the H&S pattern I'd like to show I can see only a flag with a 100EMA test...
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Though we have a prior trend but I can't draw a valid H&S on the chart because of the red rectangle. And I don't believe in oblique necklines...
Apri, You see silver will correlate with gold and do the same bottom? Whats your feeling with silver?
London has a 5 x leverage silver ETF I would like to jump on
Miners i AM OUT of Dust & JDST ! wILL WAIT FOR BOTTOM. Miners has bounced to high and won't risk further with price action that does not make sense since . Last two DCL it moved 3 x further than now! Could miners have bottomed on last resistance to lead Gold? We have to see with Gold bottom, its just CRAZY.
faronf
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@investment6300, curious what is that 5X ticker for silver? is that only on London exchange. I'd be careful with that but I do think we gotta be pretty close to bottom on Silver. Anybody else expect Silver to drop a bunch more? Will silver lead Gold out of this ICL/YCL in late July, August? Opinions?
investment6300
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@faronf, Just aware of london. yes, you need to get the bottom and not catch a falling knife
Never buy levered ETFs, because you will get destroyed on the bleed.. Even if directionally correct you can see losses of 50% or more.. If it's leverage you seek, head on down to the CRIMEX. 7k gets you ownership of 5,000 ounces.. Only the big boys play there, so you better know what you are doing..
RogerS
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I think Yellen speech is tomorrow Wednesday 2PM UK Time.
I started my treacherous voyage to 1300 and the infinite beyond... with scalping.
Bought 100 ounces 4 days ago @1214 and I must admit I didn't sleep too well lately. But after all these years I'm getting better at "hunches" and this one is that gold is not coming back (my account would have been destroyed @1201 but mysteriously it didn't happen).
Now, just before the close I sold @1217.17 and ordered long again @1215. Of course, there's no guarantee that it'll ever make that step to fetch me back... anyway I got rid of the nasty rollover which is HUGE. My broker won't charge me; instead he will "move" my starting point by $0.15 a day. It feels as if you were playing soccer and the posts of your goal became far away from one another endlessly.
Let's see what happens in the open.
Xlabs
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@liveandlearn, Your Broker? I bet you got Jamie Dimon on speed dial you passive aggressive bankster shill
liveandlearn
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@Xlabs, jeje, you think you offend me? Think twice. I know people like you much better than you'd ever get to have a 1/100th of a glimpse of a glimpse of what my life is like, what I do, where on Earth I live, what kind of wealth I have and (this is the strawberry of the cake) why I trade. And I'd be really amused to see your face if you knew all these. Very much, but I still won't tell you, except for a disgusting clue: however superb my English is, it is not my native languaje. There are some books I can recommend you... provided you ask nicely.
London has a 5 x leverage silver ETF I would like to jump on
Miners i AM OUT of Dust & JDST ! wILL WAIT FOR BOTTOM. Miners has bounced to high and won't risk further with price action that does not make sense since . Last two DCL it moved 3 x further than now! Could miners have bottomed on last resistance to lead Gold? We have to see with Gold bottom, its just CRAZY.