After yesterday's big bounce most of the bulls are ready to go long in the hope of the big gains.
I'm not in a hurry with buying yet. Before Brexit at the cycle low we tagged the 300 EMA. So this time we must not only tag but break the 300 EMA at least.
As I'm watching the charts we have the last flag forming in this decline. When we break it down we will have the final decline to break the 300 EMA and tag the 400 EMA on the 4hrs chart.
I wouldn't suggest to short gold here though we could have even a fast 40$ decline from here.
I'M waiting for a perfect entry for the longs at 1280-1300$.
Bulls still think gold cannot have a serious decline. Most of them need to learn a lesson with margin calls.
This is going to be a fast and short drop with stop runs.
I'm not in a hurry with buying yet. Before Brexit at the cycle low we tagged the 300 EMA. So this time we must not only tag but break the 300 EMA at least.
As I'm watching the charts we have the last flag forming in this decline. When we break it down we will have the final decline to break the 300 EMA and tag the 400 EMA on the 4hrs chart.
I wouldn't suggest to short gold here though we could have even a fast 40$ decline from here.
I'M waiting for a perfect entry for the longs at 1280-1300$.
Bulls still think gold cannot have a serious decline. Most of them need to learn a lesson with margin calls.
This is going to be a fast and short drop with stop runs.
Comment:
Daily chart with the buying box.
Comment:
It seems we will break the flag now.
No happy weekend for bulls...
No happy weekend for bulls...
Comment:
WOOHOO!
Comment:
It seems we are breaking the trendline on the 4 hrs chart today.
It's very important how aggressive will be this breakdown.
It's very important how aggressive will be this breakdown.
Comment:
And one more bounce from the trendline.
I dont think this bounce will last for too long.
I dont think this bounce will last for too long.
Comment:
The bounce was erased completely..
It's turning down from the 10 EMA.
Ready to break down in the Asian session.
It's turning down from the 10 EMA.
Ready to break down in the Asian session.
Comment:
First day in 2 weeks when USA is not buying gold in the high volume peroid (green boxes)
Trade closed manually:
I closed all shorts before FOMC. A small position got stopped out.