chartwatchers
Long

GOLD - A possible beartrap

FX:XAUUSD   Gold Spot / U.S. Dollar
2478 25 43
False breakdown from the triangle. Breaking last week's lows and a rally back into the triangle.
This is the recipe for a nice beartrap.
I think a lot of retail bear is back in the game with shorts today. So it's time to fleece them.

If we break above today's high in the night we will have the chance to break out of the triangle and print that daily cycle high at 1400$.

We are getting late in this daily cycle we should print the DCH this week.
Turned out to be a bull trap!
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Should we consider the possibility that this cycle is a left translated cycle, so the DCH is printed already and all we wait for is the DCL and how deep or shallow it will be?
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GDX looks terrible. Big red outside bar. The only thing that can save it right now is immediate reverse and finish the day as pin. Any experienced advise is very welcome right now. Should we close the rest of long positions or hold them. DXY also looks like holding trendline successfully.
snapshot
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pbartashevich PRO pbartashevich
Low volume points that this drop probably will reverse.
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Thank you Arpi. I have a question about cycles in Silver. It usually follows Gold but it made new significant low yesterday without having higher high. Is that would be a new DCL Silver is printing? Also, high cycles counting handling reversals?
snapshot
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USSRandolph pbartashevich
Also, take note of the head & shoulders pattern. Seems bearish fo silver. Usually follows gold but doesn't have to. Has different dynamics in play being valued as industrial metal. Any thoughts on that?
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USSRandolph USSRandolph
Be advised, I haven't looked at what factors are currently affecting silver as of this comment.
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caneman pbartashevich
I think it's possible silver just made a DCL, and had a very long daily cycle that started on 6-2-16 giving it a 60 day cycle... I count 6 DCL's for Silver since 2004 that were 60 days or longer so it is possible... im buying!
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I have added some too today to my loosing position but I might be very wrong. There are lots of opinions that gold will go down to 1318.
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Thanks for the answer.
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