I was sure we will have a false breakout. Just the timing was a bit early.
Now we have the false breakout of the triangle. We had 2 days of decline, the MACD is turning down, the RSI is heading to oversold too.
It looks like a test back of the triangle trendline. But I think the testback will continue as a break back into the triangle very soon.
As we tagged the trendline the dip buyers had arrived and pulled price back up a bit into the close.
Draghi had the mission to confirm yesterday's reversal candlestick and print a follow through candle.
I think a lot of traders bought the breakout yesterday . They will have to pay the price of this weak intermediate cycle.
Gold needs to print its first semester correction very soon.
The plan is the following:
gold will be heading down till the FOMC meeting next week. If the banks trapped enough longs in the bull trap the decline will accelerate as the FED hikes on Wednesday.(70%)
If we have too many shorts - I don't think this is the case as everybody was super bullish at the breakout- price will pop one more time before the rate hike announcement and when the shorts stopped out price will be turn immediately in 2-3 hrs. (305)
The good news that after the COT report tomorrow we will know what's happening exactly...
Now we have the false breakout of the triangle. We had 2 days of decline, the MACD is turning down, the RSI is heading to oversold too.
It looks like a test back of the triangle trendline. But I think the testback will continue as a break back into the triangle very soon.
As we tagged the trendline the dip buyers had arrived and pulled price back up a bit into the close.
Draghi had the mission to confirm yesterday's reversal candlestick and print a follow through candle.
I think a lot of traders bought the breakout yesterday . They will have to pay the price of this weak intermediate cycle.
Gold needs to print its first semester correction very soon.
The plan is the following:
gold will be heading down till the FOMC meeting next week. If the banks trapped enough longs in the bull trap the decline will accelerate as the FED hikes on Wednesday.(70%)
If we have too many shorts - I don't think this is the case as everybody was super bullish at the breakout- price will pop one more time before the rate hike announcement and when the shorts stopped out price will be turn immediately in 2-3 hrs. (305)
The good news that after the COT report tomorrow we will know what's happening exactly...
Comment:
We lost the 200SMA on the hourly chart.
And I just noticed the target price counted from the triangle is completed.
And I just noticed the target price counted from the triangle is completed.
Comment:
Many people is waiting for a bounce to 1307-10 and a decline below 1200.
I saw it on the chat, on the net, and I got many messages.
That is the recipe for an immediate correction trapping all the bulls.
I saw it on the chat, on the net, and I got many messages.
That is the recipe for an immediate correction trapping all the bulls.
Comment:
Houston we are going down!
Comment:
This is imoprtant now.
Comment:
Comment:
We will go down and test again the apex most probably today at 1259-1260.
THere we will have bounce. That will be the right shoulder.
THere we will have bounce. That will be the right shoulder.
The big volume spikes are sellers.
All the breakouts have low volume with retail traders chasing the price at the end of a weak intermediate cycle.