It seems we are just having one more possible entry in gold.
Price tagging the 100 SMA on the hourly chart. If it doesn't act like a support zone we will drop close to the previous low again (1238).
MACD might want to turn up again above zero and RSI is oversold enough for the next leg up.
This call is pretty close to my earlier entry.
The picture is tricky because I don't see any pattern evolving in gold right now.
Price tagging the 100 SMA on the hourly chart. If it doesn't act like a support zone we will drop close to the previous low again (1238).
MACD might want to turn up again above zero and RSI is oversold enough for the next leg up.
This call is pretty close to my earlier entry.
The picture is tricky because I don't see any pattern evolving in gold right now.
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Adding to the position.
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BUYING
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Today or tomorrow daily candle will be a reversal candle.
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If my speculation is right the 2017 yearly low at 1205 will be protected hard. We might have seen this year’s low a few hours ago at 1211$.
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The party is just starting. Swing in place.
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Yesterday was a typical day where the early bulls' weak hands lost their positions and the late bears entered their short trades.
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Time to switch to the 4 hr chart and see how the true double bottom is getting formed.
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If we can close above 1234 , -especially 1235- I will post a daily long idea.
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We are close to break out of the consolidation
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The daily chart looks like a rollover again.
Only the daily close will be a teller if it was another trap for the bears or something else.
Only the daily close will be a teller if it was another trap for the bears or something else.
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Daily chart is giving the bottom signal with the trendline break.
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I’m sure the breakout will be a big move (20-25$) so waiting for a daily close might cost 10-15 $.