LastBattle

Gold is headed towards $999, not for long. $1420 in the books

FX:XAUUSD   Gold / U.S. Dollar
Expecting a massive crash in Gold's price right now as I speak when it breaks down from the year long descending channel .

There'll be panic as it'll be all over retail as CNBC starts painting the end of world. That presents one of the best opportunity to buy as it will be heavily shorted and sold by retail.


(see the chart)
Comment:
snapshot


Entered LONG with tight stops. Doesn't look like big money wants to break this trendline to catch retail stop loss :(
Aligning well into 14~16th December. I suppose rates wont be raised, waiting for confirmation from the fat lady.

snapshot


Next support: 1032/1035.
+1 Reply
snapshot


whoops... watch out below, if it doesnt bounce soon its heading straight to hell
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I think slow bleed. DIVINE CREED = GOLD becomes worthless
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Price action looks pretty weak as of today's closing... Still looking for a decent correction of the falling wedge since 2013, before gold finally dips below $1000
Reply
LastBattle PRO jangseohee
I find it hard to see how gold will dip below $1000 for a prolong period of time.

There's currently over 290 ounce of paper over 1 ounce of physical gold in COMEX's storage versus an average of 20-50 usually. Should the gold in the vaults run out as a result of the massive withdrawals, price will spike. But yeah, I should just be following what's on the chart as a trader than a rare tail risk.
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