The ascending wedges are breaking down in 99% of the cases . When they break up the downbreak is always more aggressive. The bull hysteria forced the price to break up from the wedge yesterday. I'm waiting for at least an 50% retracement of the prevoius rally (1246.51) We printed a double top on the hourly chart. I just hope that longs covered yesterday instead of celebrating. It could be a pretty nasty breakdown. It's almost impossible to keep up a continunous rally on these COT levels (I think today we are below 10 Friday we will see today's numbers) Don't forget: tomorrow FOMC. A lot of big guys will close in the gains of their longs today and tomorrow. Volume in gold already the 70% of yesterday's volume. Today and tomorrow is going to be an interesting day. After the FED I think we will see if we had the ICL at 1200 or it's just ahead.
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After the hysterical moments here are some historical moments: Breakdown of the wedge after price came out of the 2015 March ICL . We had more than 50% retracement.
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The late bulls' stop is taken out.
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It' s a good chance that we will have a swing high today. (Taking out yesterday's low at 1271)
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Correction: swing high will be below 1272. That is yesterday's low.
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Guys let the bulls celebrate , don't fight with them. Let's concentrate on the charts. The market always teaches a lesson when someone forget to respect it. Something is wrong with this gold rally. DUST is in +8%.
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Miners are down. GDX -2,5%. RSI leaving overbought territory. It was the sign of a decline in the past. Trendline backtest? Wants go back into the channel?
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And most important thing: NO STOPS ABOVE YESTERDAY'S HIGH.... It seems everybody is long.
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This could be really frustrating... As you watch the gold rally and the miner shares you bought a week ago drop like a rock. NUGT is in -8%....
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I wanted to post a few more charts today just fat up of the trolls .. All those ones who are with PM with me knows the plan for the FED.
Just one more last chart, to show that markets are confused and would have been better to stay out of this in the past 4 days but I didn't know that. Eurusd, DXY , OIL is working perfectly. Something is happening to gold though. And the bulls who thinks they are very clever just look at the USDJPY- xauusd chart. You were just lucky guys.
USDJPY - XAUUSD is inversely correlated
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And look what happened in the last 3 days. XAUUSD and USDJPY is moving together.
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We just tagged the 200 simple moving average on the weekly chart and turning down from there.
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25$ drop in 3 hours. So tell me now that it was not manipulated. Bulls are so quiet today.
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I will post today or in the night. But the important thing: We are printing a key reversal on the daily chart. Dust, Jdst shouldnt be closed today. We will have at least 2 more down day in gold. And most probably more....
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Loii
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Still long until 1307 and 1320
AL_G2
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wait till brexit if they leave usd goes up, euro down gold down.....
pbartashevich
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If they leave gold goes up because it introduces a lot of uncertainty. That is why gold was going up along with usd recent days - because of Brexit.
isaac312
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world is not that simple body~
USD up and Gold can go up too with the uncertainty. why?
Stock market money flow into safe heaven asset: gold is also potential good one.
There is a reason why Soros, Icahn, Drunkenmiller, and his fellows buying gold alot in the bottom weeks ago.