We printed a on the hourly chart.
I just hope that longs covered yesterday instead of celebrating. It could be a pretty nasty breakdown.
It's almost impossible to keep up a continunous rally on these levels (I think today we are below 10 Friday we will see today's numbers)
Don't forget: tomorrow FOMC. A lot of big guys will close in the gains of their longs today and tomorrow.
in gold already the 70% of yesterday's .
Today and tomorrow is going to be an interesting day. After the FED I think we will see if we had the ICL at 1200 or it's just ahead.
Breakdown of the wedge after price came out of the 2015 March ICL .
We had more than 50% retracement.
(Taking out yesterday's low at 1271)
Let's concentrate on the charts. The market always teaches a lesson when someone forget to respect it.
Something is wrong with this gold rally. DUST is in +8%.
RSI leaving overbought territory. It was the sign of a decline in the past.
Trendline backtest? Wants go back into the channel?
It seems everybody is long.
As you watch the gold rally and the miner shares you bought a week ago drop like a rock.
NUGT is in -8%....
All those ones who are with PM with me knows the plan for the FED.
Just one more last chart, to show that markets are confused and would have been better to stay out of this in the past 4 days but I didn't know that. Eurusd, DXY , OIL is working perfectly.
Something is happening to gold though.
And the bulls who thinks they are very clever just look at the USDJPY- xauusd chart. You were just lucky guys.
USDJPY - XAUUSD is inversely correlated
XAUUSD and USDJPY is moving together.
Bulls are so quiet today.
But the important thing:
We are printing a key reversal on the daily chart. Dust, Jdst shouldnt be closed today.
We will have at least 2 more down day in gold. And most probably more....