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Short

False breakout from gold triangle on the hourly chart

FX:XAUUSD   Gold/U.S. Dollar
199 4 7
Gold             has formed a triangle on the hourly chart.
I was waiting for it to break down, but the banks who are controlling gold             prices managed to make a breakout to the upper direction.
The breakout had no follow through we are heading to 1190 with a key reversal.

More pain is coming.
weownyourbases
a year ago
Looks like its once again(at the end of the day) changed to an uptrend in the triangle. To soon to tell if its going to break or not
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chartwatchers PRO weownyourbases
a year ago
Yes. That's why it's not my favorite pattern...
But cycle wise we have more days to come down
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AlanSimpson
a year ago
When you say pain?For whom,buyers or sellers of gold?Rgds Alan
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chartwatchers PRO AlanSimpson
a year ago
Buyers will suffer pain.
To many people had bought in gold on the last green candle day (last week Thursday)
1. Bulls who was already in but closed their position at 1150 and 1200. They had entered again on that day.
2. Late bulls who were not in this 2nd daily cycle , but wanted to have position and they bought too late.
3. Short players who stopped out in that psychological breakout.

Most of 1. and 2. must be stopped out before we can have the second leg up, then we can have the daily cycle low...
The problem when we are in the daily cycle low you will feel that gold price is going to much lower like:1100.

This is not a daily cycle low . That's why I'm telling more pain is coming for buyers.
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