chartwatchers
Long

GOLD - Buying the dip

FX:XAUUSD   Gold Spot / U.S. Dollar
8029 133 78
We are at the intermediate trendline . It's an important resistance zone we should be bouncing from here.
I know it looks now we are going to 1260$ but that's just not going to happen though. We are simply too early in the daily cycle.

Most of you will not be able to buy at this point. For those I suggest don't go short at least.
This dip will be bought.
Comment: It's the dollar's drop what pushing gold higher now. Get ready if stocks starts to fall our golden speceship will be launched. First stop 1390 and next is the Moon.
Any comment from short traders?
Comment: The trendline testback scenario is off the table...
Comment: If stocks, oil, NatGas , Dollar is starting to fall together - from tomorrow - gold will be 1400 by Friday...
And tonight gold seems to be pricing this scenario....
Comment: Don't get scared. This gold move is a fakeout move. Stocks are correcting. The dollar is falling.
Someone used up the dollar pullback to push down gold's price to get a better entry.
We can pop in any minute.
Comment:
Comment: I will add a chart on the weekend. It's tricky: we are in a triangle.
But next week we should have a cycle top ...
read here http://jimrogers1.blogspot.ro/2016/07/jim-rogers-deutsche-bank-is-broke.html
Reply
I would say the initiation of this trade was at good time and still profitable. It is just this push up which was predicted correctly and happened is very weak. So after today's down move I would say it is 50/50 up or down. I am leaning to downward move next weak since Gold had the opportunity today to move up nicely after bouncing from bottom line BUT after nicely painted H&S it did not follow and closed even lower than yesterday. Why should I invest into 50/50 chance? No reason so I sold my USLV at break even price. I might have made mistake and it will go up on Monday but it is gambling now.
+1 Reply
USSRandolph pbartashevich
I agree with you. It is not a low risk trade
+1 Reply
36000 contracts dumped at euro close.....not sure they want anyone to play the gold game anymore

big money always wins in the end
+1 Reply
Sold NUGT. Playing it safe. I can buy back later when appropriate.
+1 Reply
lbg01 USSRandolph
same here, got shaken out
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+1 Reply
Arpi, any information you have is most welcome.
Reply
shobikhan USSRandolph
US Randolph... Listen no offence to Arpi, I don't know him nor do I follow him or anyone for that matter, I simply chart watch for idea's comparisons.... But he's wrong on this trade, as he was wrong on the last gold trade, again no offense to him he's good in other markets I read. But you need to get out of Gold and if possible I would start to short. Gold is going to correct something fierce it will make all longs question this bull move. Arpi actually saw it coming a few charts ago, but his timing was wrong and as we know that's most of trading. I just don't like to see traders buy into something and then are left hanging because the person who made the call was wrong. Get out of this position and reverse. Good Luck.
+1 Reply
USSRandolph shobikhan
Thank you Sho . hope to hear from you again.
Reply
I have been watching this double top with what appears to be a bear flag. This is on the daily chart. No one seems to acknowledge the double top but it's been there. I have been concerned about this. Was going to sell NUGT this morning but went to the market first came home and down another five dollars to 1335. Wish I Had sold this morning but I will before the days out. Too much weakness here. Rather be safe than sorry.
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