This call based on the divergence between price and the indicators. All the indicators on the chart are showing divergence : though price broke to new lows none of RSI/MACD/SS/ CCI was following. I have seen this before: it is happening when noone left to sell and big players are accumulating.
The call is bottom finding idea on the smaller time frame ( hourly) if it works I will post another idea based on the daily chart.
Till that time for longer term projections please see this idea:
We are on day 10 of the panic selling. During the last few years there was only one longer panic selling : after the election night. So we should be close to the bottom or maybe we just printed the bottom exactly after this call at 1248.6.
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During the European night we clearly broke the down trendline of the panic selling stage.
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Head & shoulders at the trendline break with a back test. This is a low risk entry with a stop below yesterday’s low.
@chartwatchers, hey Arpi, do you think the Brexit meeting gonna do something in gold?
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@Andrewone, one of the news will trigger a gold rally. Maybe the brexit meeting, maybe Italy, maybe Trump. When that news come out everybody would think it was important thats why gold rallied. But it wasn’t. gold just ran out of time so it was due for a new daily/intermediate cycle.