GOLD - Double top or Bear flag?

FX:XAUUSD   Gold Spot / U.S. Dollar
4864 51 57
We are in an interesting situation. Gold             almost never tops at its daily cycle as we are topping today. Gold             almost always throws a curveball to the early shorts.
We couldn't tag 1390-1400$ - the target price counted from the pennant pattern - that is also pulling the price as a magnet...

Though we printed a daily swing today usually the first swing is a false swing and price still has work to do above the last daily high.

So I think that we are going to rally back to 1363. 1363$ is the neckline of the double top (blue line) and also there is the upper trendline of the flag.
When we tag 1363$ gold             has to make a decision to break up from the flag and pop up to 1390$ or continue this decline to the daily cycle low.
My bets are on scenario 1.

All who is long now have to make his own decision to close at 1263$ or wait for the breakout up to 1290$.
Comment: Crazy isn't it?
Gold never tops on the simply way.
Get ready. Decision time...
Comment: We just tested back the Brexit top and the Bear market's weekly trendline....
Comment: Gliow is right . The 15 min chart is very exact now.
Comment: Breaking up from the flag would be a nasty trick.
A lot of people bet the farm on this short.
Comment: We tagged 1263$. But I think the final decision will be at the NFP...
Trade closed: target reached: I will be waiting NFP at the sidelines.
I'm thinking to put a small buy order a bit above the flag.
And a sell order below the flag.
To be in a position now is a coin toss.
Comment: I think smartmoney is pulling up now goldprice to get out of the miners at better price.
Comment: Yes.... This is the case. Banks are selling the mining shares. They just needed a false breakout from the flag in gold before the us market open to sell everything at the open to the retail.
hey guys you think it would be a great idea to short right now since it has double top?
is this going to keep going up? i thought it would come back down. is it true that this might test back all the way to 1370 before it comes down?
If it goes above 1359, 1360 - thats a bull flag break?
I suspect we might see GDX at $32 (H&S target) before a pull back. Bulls were not scared by this report. Maybe need a word from the Fed.
Billeci pbartashevich
GDX and GDXJ have been strong today in lieu of the NFP numbers, so it wouldn't surprise me, since these indexes continue to be bought. The overall bullish trend definitely continues to be your friend if you're trading the miners.
well guys I shorted at 1352. not sure weather to stay in or to get out soon. what do y'all think?
Hold it we are moving into the DCL as soon as smartmoney got rid of miner shares.
1300 is coming next week
+2 Reply
EnzoCaluzzi chartwatchers
qundi pensi che s&p salira' ? !
nice job... :o) what is your downside target? 1306.51 - ? pink line on chart?
+1 Reply
Shorts? what shorts? they have been annihilated when it hit the 1377 run last few days!
+1 Reply
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