This idea is simple. It seems that the 2016 high will be the line in the sand. As I posted a few hours ago in this idea I entered a long position at 1389-1391:
Target : 1440$.
Comment
⋅
I still have a range, but after the morning drop I see a triangle forming:
Comment
⋅
We were unable to tag 1383 two times in a row. So this more and more looks like a triangle.
Comment
⋅
Following the triangle pattern. This bounce was nasty. Almost everybody is short.
Comment
⋅
Powell's testimony is an hour from now. The bounce was caused by currency movements
Comment
⋅
XAUEUR is bouncing too. +0,5%
Comment
⋅
It's just a guess but I think the testimony speech went out , so a few insiders already have read it and they started to buy. If it is the case he will talk about the rate hikes at 16:00 Budapest time.
Comment
⋅
*** Rate cut
Comment
⋅
Very strong... The dip was bought in the same hour.
Comment
⋅
FED minutes 2 hrs and 15 minutes from now.
Comment
⋅
Many' Fed officials said in June they'd be willing to cut interest rates if uncertainty still weighs on outlook, minutes show Only a few FED officials argued against the rate cut in June - Minutes show. Asia will buy this. Path is clear.
Comment
⋅
Comment
⋅
Getting close:
Trade closed manually
⋅
Close enough. Waiting for the next setup. Breakout from the triangle, or the lower trendline again.
Comment
⋅
We might get back into the long position soon, as it looks like a flag now.
@RogerS, yep. 1550-1600. Crazy target. But we can do it.
RogerS
⋅
@chartwatchers, are you expecting the ICL top around October ? or a shorter Cycle to balance out ?
gbleier
⋅
@chartwatchers Love your analysis, always great work. I saw something interesting and want to see why you think it might not be the case. I see the strong volume igniting break through the lower resistance line, 3 bar rejection play, and the subsequent rebound/rejection from that lower support line. Thoughts?
Iskandarglenn
⋅
Its pretty simple.
Double tops and a flat 1380.
mstable
⋅
Long Sqeeze in the gold market - some covering puts in gold itself whilst many more having to liquidate to cover their long positions on everything else. Clearly a strong baseline and level of support in gold now as did not go down as much as might be expected considering the covering probably done today...
The only way is up...
Nightstar
⋅
Nice :) Miners also looking strong. Got back into NUGT this morning @25
SILVER, on the flip side, is a different story :/ A bargain?