We've broken down the hourly range this night.This is a chess to the american longs. Who will hold a long position into the holiday? I think most of the funds and the big players will not. So when volume comes in price will break below the 200 SMA. If many of the banks are thinking the same we shouldn't be surprised if the "Contract Dumper" who sold gold 2 weeks ago on Monday will dump again to push gold through the 200 SMA before USA opens.
Let's see if we break down violently the 200 SMA in the next 2-3 hours.
Target is : 1214$
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As I'm watching the "likes" we are in the good direction. Most of TV is long in gold. Good.
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Taking profit on the half of the position
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RSI 6 at 1
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On the hourly chart. I dont think have seen this ever
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Trading ditutup secara manual
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1221,5$
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It's way too oversold. We need a bounce and I get back in the short position.
nicelly called, impressive, i been following you for soon 2 years, nice explanations and guides, really thanks;)
solitude79
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Very good analysis thank you. Do you agree that we have a great H&S pattern in the making and this is the break of the neckline? Target is 1160 approx.
sahinrecan
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Just new to this forum... but let's think like an European banker. if we check xaueur.. we will see low-low trend line supporting even from 2006....the point of trend line is 1075 - and currently the xaueur is 1085...
adding to the equation= eurusd ran amok for the last couple of months and reach the big resistance of 1.1440 and retread (seems so)
it would be perfect for the bankers to realize some of their profit in the open buy positions from 1.07 - 1.06 for eurusd into physical gold while the xauusd suffers. see, if you dump your eurusd from 1.14 to physical gold @ 1.085 while the xauusd is bearish, that will be a perfect profit realization. eurusd goes to 1.10 while xaueur stays in the line of 1075-1090 (xauusd drops, eurusd drops) -
then wait for the next bullish xauusd wave to double your profit in xaueur.
so i would say, buy xaueur. short xauusd for a limited period of time.
What are your opinions?
ArtFly
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Arpi,
What is your prediction later after passing 1214..... up or down?
chartwatchers
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@ArtFly, I gurantee you we will break that level. The bottom Could be at 1210 or maybe 1170 maybe 1140. Noone can tell.
The question where the panic selling starts... did we started today or we start by breaking 1214....