GOLD - When cycles are not working
Back in game from holiday.
My original short position from 125+ is in loss. I didn't close it because I wanted to see what's happening at the triangle's upper trendline.
The most important thing needs to be monitored that gold is coupled with the dollar. When the dollar is falling gold is bouncing when the dollar bouncing gold is falling. Especially true when stocks are breaking to new highs at uncharted territory. And the dollar still has a meeting with its daily cycle low and maybe the intermediate cycle low...
While these lows are not completed I don't want to close my shorts.
As of today we are turning down from the triangle's upper trendline. Gold is in the triangle consolidation and cycles are not working in these circumstances. You can count the days and weeks but at the end of the day/week/month the triangle screws the cycle.
We have a nice divergence in RSI on the daily chart also.
I'm still waiting for the tag of the lower trendline.
SHORT follow through, but also a good short entry.
My original short position from 125+ is in loss. I didn't close it because I wanted to see what's happening at the triangle's upper trendline.
The most important thing needs to be monitored that gold is coupled with the dollar. When the dollar is falling gold is bouncing when the dollar bouncing gold is falling. Especially true when stocks are breaking to new highs at uncharted territory. And the dollar still has a meeting with its daily cycle low and maybe the intermediate cycle low...
While these lows are not completed I don't want to close my shorts.
As of today we are turning down from the triangle's upper trendline. Gold is in the triangle consolidation and cycles are not working in these circumstances. You can count the days and weeks but at the end of the day/week/month the triangle screws the cycle.
We have a nice divergence in RSI on the daily chart also.
I'm still waiting for the tag of the lower trendline.
SHORT follow through, but also a good short entry.
Comment:
The triangle in full size.
Comment:
Day 17.
Getting late in this daily cycle. We broke out of the triangle and we had 2 nothing days. After 4 tags - and 2 almost tag - of the triangle trendline we had one false breakout.
Getting late in this daily cycle. We broke out of the triangle and we had 2 nothing days. After 4 tags - and 2 almost tag - of the triangle trendline we had one false breakout.
Comment:
Comment:
Chance is high the dollar finished its panic selling today. With a bottoming dollar is it possible this breakout is false again?
Easily. If that is the case and bullion banks got the memo Trump is done with the dollar weakening for this summer and the dollar is ready to bounce they will attack gold tonight or tomorrow night to push it back into the triangle.
Easily. If that is the case and bullion banks got the memo Trump is done with the dollar weakening for this summer and the dollar is ready to bounce they will attack gold tonight or tomorrow night to push it back into the triangle.
Comment:
Comment:
The attack usually comes between 1:45 AM and 3:30AM in the night
Trade closed manually
Comment:
The breakout is valid. It's not a simple trade close: The cycle top is close so I cover the shorts and wait for the cycle top to close the "covering longs"
Comment:
The night attack came clockwise.
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Say hi to the triangle.
We are back again.
We are back again.