chartwatchers
Long

GOLD - GIANT TRIANGLE

FX:XAUUSD   Gold/U.S. Dollar
5306 70 88
It seems never ending. The bad news for the bears - and the good news for the bulls - that we are still in the triangle.
The good news: it seems to me that miners bottomed yesterday. And gold             might printed the DCL yesterday also.
As I'm writing this we are very close - less than 1$- from the daily swing.

Yellen speech today will be important for gold's direction.
If she hits a hawkish tone - I doubt that - we might break down from the triangle. Even if that happens I don't think we will break below the last DCL (1310.5).
If she hits a dovish tone we might immediately rally up to the upper trendline of the triangle. At that level I would like to see as price stays above the green trendline ( Bearmarket's trendline from the all time tops)

Indicators
RSI has give in the sign of the bottom. We left the overbought levels on the daily chart .

I think the FED 's last chance for the rate hike was the last meeting. As the elections are very close the only thing left for them is speaking about hiking but nothing will happen.

In the worst case we can be in this triangle 3-4 weeks from now.
Comment: DAILY SWING LOW PRINTED:
We broke above yesterday's high.
Just be sure that a few people already reading the text of the speech.....
Comment: And the dollar is not doing anything.
Just imagine if we break down from that flag in the dollar ...
snapshot
Comment: I just hope I'm not alone on the bull train?!
Comment: What a volatile market....
Holding the position.
At the end we will not get a green marubozu just an inverted hammer.
We were going up on high volume and bears pushed down the price at the low volume period.
The inverted hammer also a trend changing pattern.
snapshot
Comment: As it's a continuation pattern the lower trendline of the triangle will hold.
I am LONG on GOLD too; you can see here another bullish analyst : http://www.forexpeacearmy.com/community/threads/gold-daily-video-30-august-2016.46850/
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Great share! thanks
+1 Reply
Give Chartwatchers a break. The guy is giving free advice. Take it or leave it but don't complain like a little girl. He called NGAS earlier this week and USOIL bounce off 200MA.

Good job mate. I read your opinions daily.
+6 Reply
Since I am trading Silver I am watching it more closely. I think it printed very late DCL at 61st day yesterday (doji) and today confirmed it with big move up on higher volume. It also setup a trap for bears by pulling back and printing inverted hammer. I think on Monday the open will be upward with a gap generating fast short squeeze rally. Recently Silver was predicting Gold's action 1-2 days ahead, so same for Gold.
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Dollar should top next week and fall into a bloodbath ICL.
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You are a terrible bull. Without breaking your horn you will not surrender ?
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traderzaius waterman
its called cycles analysis...we are bullish because the cycle shows we are in a bull market after a long bear market
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waterman traderzaius
Thanks.
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I think maybe 1312 before the real upside movement.
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"At the end we will not get a green marubozu just an inverted hammer." Looks like we have a inverted hammer on daily. Lol
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