The only reason gold didn't close on a daily/weekly minimum was the coup in Turkey.
In the last hour of trading gold bounced and the hourly chart has tagged the 100 EMA.
The attempted coup collapsed on Saturday. So the only reason gold had bounced is vanished. I'm looking forward to see a down gap open in gold on Monday. Usually these gaps are closed in the next few hours though I'm waiting for gold to break the 20 EMA on the daily chart Wednesday the latest.
The downtrend on the 4hrs chart is not damaged. We need a close below the 10 EMA in the first two 4 hrs candle. This is very important for holding the downtrend momentum.
Daily chart Though price bounced from the 20 EMA the daily close still stayed below the 10 EMA. All the daily indicators are showing downwards.
The SLowStochastic needs to get oversold. MACD is just crossed over and heading down. The 10 day RSI needs to break the 50 line to confirm the DCL. Price should break the 20 EMA and tag the 50 EMA minimum. (Maybe tags the 100 EMA)
So we are not ready yet. Next week we should get some sign from the FED regarding the rate hike. They don't like to increase suddenly. For the next gold rally we need gold to couple with the dollar again. When the dollar is ready to break down from the upper territory of range gold will get the final push to its rally.
So I think in the next 5-7 days we are going to get the cycle low in gold. I'M still waiting for a tough decline but I don't think we can break the pre-Brexit night low at 1250$. Most probably the DCL will be around 1290-1300$.
In the last hour of trading gold bounced and the hourly chart has tagged the 100 EMA.
The attempted coup collapsed on Saturday. So the only reason gold had bounced is vanished. I'm looking forward to see a down gap open in gold on Monday. Usually these gaps are closed in the next few hours though I'm waiting for gold to break the 20 EMA on the daily chart Wednesday the latest.
The downtrend on the 4hrs chart is not damaged. We need a close below the 10 EMA in the first two 4 hrs candle. This is very important for holding the downtrend momentum.
Daily chart Though price bounced from the 20 EMA the daily close still stayed below the 10 EMA. All the daily indicators are showing downwards.
The SLowStochastic needs to get oversold. MACD is just crossed over and heading down. The 10 day RSI needs to break the 50 line to confirm the DCL. Price should break the 20 EMA and tag the 50 EMA minimum. (Maybe tags the 100 EMA)
So we are not ready yet. Next week we should get some sign from the FED regarding the rate hike. They don't like to increase suddenly. For the next gold rally we need gold to couple with the dollar again. When the dollar is ready to break down from the upper territory of range gold will get the final push to its rally.
So I think in the next 5-7 days we are going to get the cycle low in gold. I'M still waiting for a tough decline but I don't think we can break the pre-Brexit night low at 1250$. Most probably the DCL will be around 1290-1300$.
Comment:
We need to tag the 10 EMA on the weekly chart before I would confirm the DCL.
This week we will break the last weeks low.
This week we will break the last weeks low.
Comment:
Closed below the 10 EMA on the 4hrs chart just as I was waiting for.
Comment:
The daily close looks good in gold.
We are still fighting with the 20 EMA couldn't close below it. It seems we are crawling on the 20 EMA for 4 days now and today we closed on the 20 EMA - I think tomorrow we will break it finally.
Slow stochastic will enter into overbought in 2-3 days and 10 day RSI is breaking the 50 soon.
We are close to the DCL . I think this week we are going to get it.
We are still fighting with the 20 EMA couldn't close below it. It seems we are crawling on the 20 EMA for 4 days now and today we closed on the 20 EMA - I think tomorrow we will break it finally.
Slow stochastic will enter into overbought in 2-3 days and 10 day RSI is breaking the 50 soon.
We are close to the DCL . I think this week we are going to get it.
Comment:
We formed a triangle on the hourly and 4hrs chart.
We had a false breakout with stop run in the night and now a significant breakdown.
The target price counted from the triangle is 1305 (There is the 50 EMA on the hourly chart)
We had a false breakout with stop run in the night and now a significant breakdown.
The target price counted from the triangle is 1305 (There is the 50 EMA on the hourly chart)
Comment:
We've just entered the final stage of the DCL.
Comment:
Now we will see how tight the bulls can sit during a scary DCL.
Most of them will stop near the bottom...
Most of them will stop near the bottom...
Comment:
I'm starting to take profit between 1315-1300$.
Don't forget it's a bull market. Steal the money from the bull and RUN !
Don't forget it's a bull market. Steal the money from the bull and RUN !
But instead of them bulls should have closed their longs at the bounce.
Typical DCL reaction. We are going down.
And oh yes : it was a gap down.