It's always tough to make a correct call ahead of FOMC meeting. Sometimes the FED is setting the direction, sometimes the next day all the currencies and metals are reversing.
This was the case yesterday too. All the gains of Wednesday were dusted yesterday.
Now gold's daily chart looks like a flag to me : it's just waiting for to break down.
It's still not crystal clear how far it can drop : it might be a shallow decline to 1270 or a deeper correction down to the 200 SMA . Once it starts I will update the possible targets.
I highlighted the similar cycle zones with orange boxes in the past where price was waiting for the same breakdown as today. Once we complete this final drawdown gold can finally rally above 1400.
This was the case yesterday too. All the gains of Wednesday were dusted yesterday.
Now gold's daily chart looks like a flag to me : it's just waiting for to break down.
It's still not crystal clear how far it can drop : it might be a shallow decline to 1270 or a deeper correction down to the 200 SMA . Once it starts I will update the possible targets.
I highlighted the similar cycle zones with orange boxes in the past where price was waiting for the same breakdown as today. Once we complete this final drawdown gold can finally rally above 1400.
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Wow. DXY.
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DXY rallied 0,5% in an hour. Gold is held up artificially in these moments.
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The flag broke down today.
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The flag in silver also broke down.
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Platinum is also down today and staying in the range for a while.
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And if you think some things raise forever :
Sooner or later the ICL is coming for every commodity...
Palladium is down by 6% today.
Palladium is down by 6% today.
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Clear breakdown of the flag in Gold.
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It’s just a matter of time when gold breaking down the $1280 level.
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Chance is high for a 20$ red csnfle today. that would mean 1290-92$ daily close.
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*candle
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1292 is on the way. What a bear...
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1292 here we go.
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Scalp longs ON.
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From this point there is no question: the 1277-1282 level will be broken down.
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Scalp longs OFF
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Building a triangle in gold 4h chart
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Triangles usually continuation patterns so I’m waiting for this triangle to break down. Today or tomorrow
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And here is the breakdown.
1280 will be taken out soon.
1280 will be taken out soon.
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Every possible trendline is broken.
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I still think the IC hasn’t finished yet. A fadt move down could clear sentiment.
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It is as if gold is at the edge of the ravine and waiting for someone to push it down
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Holding the shorts.
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We back tested the break down.
I don’t think it’s going to stop here.
Trade closed manually:
We are running out of time in this short trade.
I closed the position today.
I closed the position today.
