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 of the triangle. At that level I would like to see as price stays above the green ( Bearmarket's from the all time tops)
has give in the sign of the bottom. We left the overbought levels on the .
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.
We broke above yesterday's high.
Just be sure that a few people already reading the text of the speech.....
Just imagine if we break down from that flag in the dollar ...
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.
1st ICL in this bull run was 182 days after the bottom, 30.5.2016. Adding 84 days leaves us at 31.8.2016. I have not studied the USD cycle at the same time last time though, so there might be difference here. I still think there is room for further downside to the weekly RSI by comparing those two bull-runs. This one is at 50 %. This one is surely a very tough nut to crack. Taking down leverage :)