ridethepig
Long

Large triangle forming...?

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
=> A new pattern has been forming for the past few months in Gold as widely tracked and expected for those following our conversations since the summer.
=> Since 1185 we have been building long exposure here and targeting the 1300 via risk and inflation . Today instead of digging into the macro details we are looking at this through a strictly technical lens.
=> So lets get started....
=> Here we can see resistance at 1255-1260 which also includes the top of what could be a 'bear flag' (we have drawn this on)
=> We can expected bears to come in here and they will be questioned... it's worth thinking that if we know bears will come in here, how can we capitulate them?
=> It is very possible we are in the 'D' leg of the ABCDE triangle here and if that's the case we are set to rally as high as 1350 which is near the top of a 3 year range. After which the market will see some profit taking and begin the wave E.
=> To put it simply, 1260 remains the key that opens the gates higher or locks them and sends confidence falling which will mark the top and likely send price action towards 1160.
=> Best of luck to those on both sides of this.... hopefully this view helps trigger some eureka moments
Comment: Starting to unwind the longs and the covering begins:

Comment:
Comment: Superb moves here
Comment:
Comment: Chapter "e" in full swing here... 1260 and 1225 next levels in play
Comment:
It needs to break this ascending channel before we can reach that high... doesn't look too positive. Thoughts?
Reply
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