chartwatchers
Long

GOLD - Till last bear standing

FX:XAUUSD   Gold / U.S. Dollar
6420 46 85
After breaking out from the pennant gold             had a strong rally on the hourly chart. We couldn't break below the 10 EMA for days.
Yesterday night ( GMT             ) we tested the 50 EMA on the hourly chart. A bear flag was forming. This afternoon the bear flag break out. It seemed a false breakout as price almost immediatelIy drop back into the flag. In the next hour we turned up again from the 50 EMA .

One could go long from here with a stop below the 50 EMA (hourly chart) .
I think this night the latest price will break above the Brexit high and we will be heading to 1400$.

When price breaks 1358$ suddenly everybody wants to be on board with the bull and every bear want to close the rest of the shorts.
The rally will last till last bear standing.
Comment: Brexit high broken.
Comment: Watch how the 10 EMA is supporting the trend again.
snapshot
Comment: Don't forget : till last bear standing.
Just a bull flag again:
snapshot
Comment: Trendline crawling...
snapshot
Comment: When volume comes in going to break up
Comment: We are not ready yet...
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Comment: WHat is sure now that we are going to test the neckline / upper trendline of the flag at 1363$.
snapshot
Comment: At 1363 price will decide to break up (1) to 1390 or come down (2) into the DCL
what's DCL stands for?
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haug01 PRO Cornhub
Daily Cycle Low
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Are we going down ?
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DUST to hedge longs!
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One question always bugs me: If national security and well being of the country depends on a single jobs report, will that report be as per requirements? I suspect a good jobs report tomorrow morning which will start a correction. I am thinking to make a small position in DUST today - gambling again :), depends on gold price action.
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I agree with you, What do you think about daytrade with DUST and JDUST? Both GDX and GDXJ are completly overbought?
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Gold needs to top before DUST and JDST can get a little rally.
1 or 2 days and gold will top. Maybe today maybe at the job report.
We just need one spike up to 1390-1400 in gold and most of the bulls will take profit and bears will be stopped out.
SMartmoney will exit the miners at that point. And the decline starts.
Maybe you have to position today in DUST
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chartwatchers PRO chartwatchers
We should break out the flag in gold today and that could produce a capitulation in DUST.
I think we are very very close.
+1 Reply
kizly chartwatchers
Thanks a lot for your opinion and fast reply!
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