chartwatchers

GOLD'S TRIANGLE - 4 HRS CHART

FX:XAUUSD   Gold/U.S. Dollar
110 5 8
I post this as a neutral chart, though I think the chances are much bigger for a decline in gold             .
Why?
COT is very bearish ( I will post soon)
Gold's weekly chart has a hanging man + we are turning down from the 200 EMA
We are on day 26 in the daily cycle which usually lasts for 28-35 days

So there are 2 possibilities of breaking out of the triangle.
If you play the long side have to be very careful because we can start heading down to the daily cycle low any time now...

The key is to break the 50 EMA (4hrs chart) for the way down to the DCL...
AhmetAlperOzen
9 months ago
Super, it did as you mentioned. What is DCL? where can bounce?
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chartwatchers PRO AhmetAlperOzen
9 months ago
DCL = Daily Cycle Low.
Every instrument has a daily and weekly cycle. It means that for a few days price is increasing and then it falls into a cycle low.
Gold's daily cycyle lasts for 25-35 days. The last daily cycle low (check it the daily chart)was on 2016.01.14, before that 2015 .01.14.

You cannot trade based only on the daily cycle but with indicators, chart patterns and sentiment is a big help when it is time to print the lowest price day of the cycle.
Gold is now forming a pennant. If the price tags 1225 and starts to come back 1210 I would say we are not going to break 1210 down, but we will break up from the pennant and will have one more 100 $ bull run in gold.
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chartwatchers PRO chartwatchers
9 months ago
Sorry, Daily cycle lows:
2016.01.14 and 2015.12.03
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AhmetAlperOzen chartwatchers
9 months ago
Thank you very much
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AhmetAlperOzen chartwatchers
9 months ago
I am following you, because you are an expert at gold.
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