We've broken down the hourly range this night.This is a chess to the american longs.
Who will hold a long position into the holiday? I think most of the funds and the big players will not.
So when volume comes in price will break below the 200 SMA. If many of the banks are thinking the same we shouldn't be surprised if the "Contract Dumper" who sold gold 2 weeks ago on Monday will dump again to push gold through the 200 SMA before USA opens.
Let's see if we break down violently the 200 SMA in the next 2-3 hours.
Target is : 1214$
Who will hold a long position into the holiday? I think most of the funds and the big players will not.
So when volume comes in price will break below the 200 SMA. If many of the banks are thinking the same we shouldn't be surprised if the "Contract Dumper" who sold gold 2 weeks ago on Monday will dump again to push gold through the 200 SMA before USA opens.
Let's see if we break down violently the 200 SMA in the next 2-3 hours.
Target is : 1214$
Comment:
As I'm watching the "likes" we are in the good direction. Most of TV is long in gold. Good.
Comment:
Taking profit on the half of the position
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RSI 6 at 1
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On the hourly chart. I dont think have seen this ever
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Trade closed manually:
1221,5$
Comment:
It's way too oversold. We need a bounce and I get back in the short position.
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The brave ones can try a scalp long.
Comment:
With a very small position only