chartwatchers
Long

GOLD - 10 days of decline

FX:XAUUSD   Gold / U.S. Dollar
1084 4 43
This is the 2016.09.02. post.
I repost it here as it's very important as well. ( I erased the last 2 daily candles)
"We took out the last DCL on 31st Aug, and that was a significant breakdown.
Price closed below the 21st July low. The gold             chart didn't look good on the last day of August.

But on 1st Sept we've almost printed a key reversal and broke back into the triangle which looks like a descending triangle now. If tomorrow we break above 1315 that's a swing low the first sign that we had the DCL.

This decline was a 10 day decline.I don't find this decline too strong.If we compare with the 05.16-05.30 decline we can see that decline was a 100$ drop. It is very possible we had the cycle low today with a beartrap and a false breakdown and now we are heading to the upper trendline of the triangle.

RSi left the overbought territory, SlowStoch crossed over and leaving overbought. MACD wants to cross over...

As I'm writing this gold             is just 1$ from the swing. If we get it all the swing traders will be on the bull side. All eyes on the NFP numbers tomorrow."

It seems the drop from the triangle just gave us a flag! This also great sign now for the breakout to top! Thanks, Apri again its seems these post came through late since last night after previous week little posting delema
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Nice to hear from you again! Your detailed and logical explanations help us to understand much more than only technical analysis. I also positioned for the long run in gold. But small corrections are still possible. Please update your post about miners (GDX, GDXJ).
+1 Reply
thenry PRO olegleo
I agree
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snapshot


Yeh i agree, but please buy at 1318..ON COMPLETION OF THIS CRAB PATTERN, COS I SHORT AT 1325...THANKS :)
+1 Reply
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