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$.
We couldn't tag 1390-1400$ - 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$.
Comment:
We just tested back the Brexit top and the Bear market's weekly trendline....
Comment:
Gliow is right . The 15 min chart is very exact now.
Comment:
Breaking up from the flag would be a nasty trick.
A lot of people bet the farm on this short.
A lot of people bet the farm on this short.
Comment:
We tagged 1263$. 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.
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:
THEY HAVE CLEANED THE SHORTS !
THE REPORT WILL BE GOOD. GOLD WILL FALL
THE REPORT WILL BE GOOD. GOLD WILL FALL
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.
Gold never tops on the simply way.
Get ready. Decision time...