We are in an interesting situation. Gold almost never tops at its daily cycle as we are topping today. Gold almost always throws a curveball to the early shorts. We couldn't tag 1390-1400$ - the target price counted from the pennant pattern - that is also pulling the price as a magnet...
Though we printed a daily swing today usually the first swing is a false swing and price still has work to do above the last daily high.
So I think that we are going to rally back to 1363. 1363$ is the neckline of the double top (blue line) and also there is the upper trendline of the flag. When we tag 1363$ gold has to make a decision to break up from the flag and pop up to 1390$ or continue this decline to the daily cycle low. My bets are on scenario 1.
All who is long now have to make his own decision to close at 1263$ or wait for the breakout up to 1290$.
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Crazy isn't it? Gold never tops on the simply way. Get ready. Decision time...
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We just tested back the Brexit top and the Bear market's weekly trendline....
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Gliow is right . The 15 min chart is very exact now.
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Breaking up from the flag would be a nasty trick. A lot of people bet the farm on this short.
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We tagged 1263$. But I think the final decision will be at the NFP...
Trade geschlossen: Ziel wurde erreicht
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I will be waiting NFP at the sidelines. I'm thinking to put a small buy order a bit above the flag. And a sell order below the flag. To be in a position now is a coin toss.
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THEY HAVE CLEANED THE SHORTS ! THE REPORT WILL BE GOOD. GOLD WILL FALL
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I think smartmoney is pulling up now goldprice to get out of the miners at better price.
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Yes.... This is the case. Banks are selling the mining shares. They just needed a false breakout from the flag in gold before the us market open to sell everything at the open to the retail.
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Trendhopper
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I don't know why anybody would be shorting or longing at this moment...we saw in the last NFP data last month that Gold flew up from 1215 - 1230 in seconds and wiped out all the shorts , so all eyes on 8.30 am EST....anybody holding a position at that stage is in serious risk of losing...Gold will be heading firmly to 1307 or 1391/1400 depending on the NFP data, between now and then it will just bounce around 1360/1350
captain_smollett
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Looke like a re-test after an impulse down. I´m trying a short here
captain_smollett
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Short to breakeven. If it bounces from 1356, I go long
webmiztriz
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nice job... :o) what is your downside target? 1306.51 - ? pink line on chart?
pmcllc
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Shorts? what shorts? they have been annihilated when it hit the 1377 run last few days!
DB
DB owns tons of greek debt
DB is going to one digit
By the time, xauusd pullback hard~~~~~~~~~~~~~~~~~ Buy dip sell high in the sky
suli
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certainly not, we have our ECB and their modern printing machines
isaac312
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THAT MEANS ANOTHER QE ?
WHY NOT GOLD HAHAHAHAH
profprof
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at the 1353 dip today there were massive bullish bets in the options market, GLD Jun-2017 144/172 Call Spread Bought 46,000x for $3.17
14 mil dollar bullish bet on gold, was the largest. Brexit uncertainty, EU banks tanking, SPX topping, bond yields low all are bullish for gold