GOLD - Getting ready

FX:XAUUSD   Gold Spot / U.S. Dollar
6932 115 79
If we look at gold's previous half year rally (1045 --->1375) as one cycle last Friday we printed the 50% pullback of that rally. We just tagged the 50% Fibonacci retracement on Friday. We might be ready and start the rally from here. Or we might break below 1200$ and reverse quickly from there.
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 support zone 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 rectangle ) As we are printing divergencies in MACD , RSI 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 bull 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 bear market when price dropped back to the ICL from the intermediate cycle highs.

Comment: Divergencies on the 4h chart
Comment: Swing low in gold .
With RSI leaving overbought and MACD turning up to cross over.
Comment: We might have bottomed today in gold.
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 .
Comment: I have a feeling that noone left to sell gold....
Comment: Today I closed all of my hedges at 1665-66$.
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.
Comment: We are going to have a powerful short squeeze in gold tonight.
I'm quite convinced we bottomed today.
I also saw lots of bullush signals on my agree with Arpi that its not too late to go long..added massively at the close in JNUG..and looking forward to the upside move which should be initiated by bullion banks within 5 days time frame..if im correct ,we would see lots of happy comments by tv traders by the end of session next tuesday..
........ But ... No Holiday B4 Shorting the Crude ... just waiting for the correct Level ... say like 51,80 to Short it ... who knows .. it might be just around the corner ... hmmm !!
Can`t believe it ........
things keeps on getting better ..
DXY @ 100,86 .... and Gold ... @... 1179 ...
Soon ... time2go on a Holiday ....
Hate the Cold .. anyway ... :)
Time to Enjoy ........
DXY trading @ 101,02 ...
Gold @ 1177 ...
Do see a gap up opening for NUGT 2morrow ...
... I believe the time 2 call in profits will arrive soon ....... Happy Trading 2 all ........
Thanks MR Rick

totally agree with "I'm quite convinced we bottomed today."

if you can make your analysis more simplified, you will be next Buffet, and love to see it...
+2 Reply
Hey all I am seeing a head and shoulder in the monthly chart with both gold and silver. I am just a intermediate trader so I'm not sure for reading this right can I post photos here and can you tell me if I am reading it right Thanks Brett
I'll play long for a very short time on your call here (because I've been out of gold so long!). I'm pretty convinced we're going to see near $1,000 early next year, then the big rally back to the 1500's we've been looking for....
Hope so...
+1 Reply
Back in JNUG @ $6.35 GLTA
+1 Reply
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