We are at the intermediate trendline. It's an important resistance zone we should be bouncing from here. I know it looks now we are going to 1260$ but that's just not going to happen though. We are simply too early in the daily cycle.
Most of you will not be able to buy at this point. For those I suggest don't go short at least. This dip will be bought.
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It's the dollar's drop what pushing gold higher now. Get ready if stocks starts to fall our golden speceship will be launched. First stop 1390 and next is the Moon. Any comment from short traders?
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The trendline testback scenario is off the table...
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If stocks, oil, NatGas , Dollar is starting to fall together - from tomorrow - gold will be 1400 by Friday... And tonight gold seems to be pricing this scenario....
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Don't get scared. This gold move is a fakeout move. Stocks are correcting. The dollar is falling. Someone used up the dollar pullback to push down gold's price to get a better entry. We can pop in any minute.
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I will add a chart on the weekend. It's tricky: we are in a triangle. But next week we should have a cycle top ...
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mlwinter
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Cringe at the people asking where to buy :O
lbg01
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everyone at the gold chat is bearish... go figure!
Noobsnoot
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Many people are suggesting head and shoulder pattern to indicate bearish market on gold, however, from my stand point, i see a reverse head and shoulder with the head on July 20th, and it's forming a right shoulder with bullish trend. What do you guys think?
Currently, it passed the 2nd resistance but holding it on 1330-1332ish, nothing too drastic at this point. Will it actually go down first below 1330 then rebound back up, or even going down further more?
Staxs
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My thinking for now is to sit it out and wait for the trend to decide, currently all out of gold waiting for clearer direction.
pbartashevich
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I would say the initiation of this trade was at good time and still profitable. It is just this push up which was predicted correctly and happened is very weak. So after today's down move I would say it is 50/50 up or down. I am leaning to downward move next weak since Gold had the opportunity today to move up nicely after bouncing from bottom line BUT after nicely painted H&S it did not follow and closed even lower than yesterday. Why should I invest into 50/50 chance? No reason so I sold my USLV at break even price. I might have made mistake and it will go up on Monday but it is gambling now.
USSRandolph
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I agree with you. It is not a low risk trade
zaius3333
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36000 contracts dumped at euro close.....not sure they want anyone to play the gold game anymore
big money always wins in the end
USSRandolph
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Sold NUGT. Playing it safe. I can buy back later when appropriate.
lbg01
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same here, got shaken out
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newbie2016
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1310 is key.. weekly bullish grabber holds target is 1410 and 1435.. i was short on nfp now bull..