The question is if price is ready to rally from here or they want the stops below 1200$.
There are a lot of stops. If we break below 1200$ price will drop immediately 10-15$ from there. If the banks want to run the stops they have to do it tonight or tomorrow night. Thursday Thanksgiving in the US, Friday is a shorter trading day. Banksters will not leave this market for the long weekend without their gold longs. They could easily get left behind without positions.
I've started to reopen my long positions last Friday. If we break below 1200$ we have 2 strong where the decline can stop:
1. Last years intermediate cycle high at 1189.65
2. And the Fibonacci 61,8% at 1171$
So I think if we break below 1200 $ the zone where I would like to add to my positions is between 1189 and 1171$. (Green ) As we are printing divergencies in , in every time frame I just don't want to risk that price bounces and I don't have position so I started to go long again.
If this is a market - I think it is - then this bounce should be a V-shaped reversal with a powerful short squeeze. It will just be the opposite what we had during the market when price dropped back to the ICL from the intermediate cycle highs.
With RSI leaving overbought and MACD turning up to cross over.
We broke down the 1200 level , but it's interesting that the breakdown was not so strong. Price is recovering .
We might have a failed breakdown today running everyone's stop .
The Fibonacci 61.8 retracement is holding the price . It's one of the longest daily cycle I have ever seen ...
It's enough close for me.
I'm quite convinced we bottomed today.
GOOD TRADING TO EVERYONE!!
things keeps on getting better ..
DXY @ 100,86 .... and Gold ... @... 1179 ...
Soon ... time2go on a Holiday ....
Hate the Cold .. anyway ... :)