After last week's monster rally on Friday and today gold started to move down into its DCL. If the bear is dead - and I think it is - this should be gold's first bull market countertrend rally.
It should be fast , painful, scary and has to get everyone very bearish to let gold build its second leg up.
This DCL should come back to the 50% FIBONACCI retracement... ANd daily RSI has to reach oversold levels...
On the second day of this pullback we tagged the bear market trend line. That won't hold for too long: I'm looking for to tag and break below the 10 EMA tomorrow and tag the 61,8 % FIBO level at 1180. We have lost already 65$ in 2 days and MACD just turning down +RSI just left the overbought levels. More pain is coming for the bulls who bought late this breakout...
Comments
chartwatchers
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Monday night we tested succesfully the 2015 Nov IC Top (1190)
We had a nice bounce back to the 50 EMA at the hourly chart.
We are not done yet!
1180 (FIBO 61,8%) is coming....
I'm still looking forward to see price at 1154 , the Fibonacci 50% retracement
PhamPhan
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I think it will retreat to 1129 because of a new bullish trend started boot
chartwatchers
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Yes, it's possible...
Im looking for a decline at least to th 50% FIBO.
I monitorize the price on the 5 and 15 minutes chart.
We had a nice bounce back to the 50 EMA at the hourly chart.
We are not done yet!
1180 (FIBO 61,8%) is coming....
I'm still looking forward to see price at 1154 , the Fibonacci 50% retracement