GOLD - DCL in progress
Zaktualizowano
I set this idea as neutral because I don't suggest to do anything right now.
If you are short you don't have to do anything because I think it's going lower.
If you are at the sidelines you don't have to do anything because it's too late to go short now, and too early to go long ...
If you are long I suggest to ask one of the contrarians below my previous post is there any seat on their "goin' to the moon" spaceship.
Before setting any level where gold could bottom first of all I suggest to read today's DXY post. We can set thousands of levels if the dollar has printed the ICL and started the intermediate rally and stocks are entering into the runaway stage only retail will buy gold and gold can fall for weeks from now... In that case the symmetric triangle will form into an ascending triangle on the daily chart. And the breakout above 1400 will come only in 2019 spring...
1. We just arrived to the lower trendline of the uptrend channel (1321$). This level is the FIBO 23,6% retracement also.I think this level will break soon in the next 2 days.
2. The next level is the FIBO 38.2% (1299$) this is also the breakout level and the 50 EMA. It's a possible level to print the DCL.
3. At 1281$ we have the FIBO 50% retracement and the consolidation before the breakout.
4. At 1263 we have the FIBO 61,8% , the 100 MA and the triangle trendline. I see this level as the possible maximum low of the DCL.
Keep in mind if the dollar rallies along the stocks in the next weeks we will slice through these levels ...
If you are short you don't have to do anything because I think it's going lower.
If you are at the sidelines you don't have to do anything because it's too late to go short now, and too early to go long ...
If you are long I suggest to ask one of the contrarians below my previous post is there any seat on their "goin' to the moon" spaceship.
Before setting any level where gold could bottom first of all I suggest to read today's DXY post. We can set thousands of levels if the dollar has printed the ICL and started the intermediate rally and stocks are entering into the runaway stage only retail will buy gold and gold can fall for weeks from now... In that case the symmetric triangle will form into an ascending triangle on the daily chart. And the breakout above 1400 will come only in 2019 spring...
1. We just arrived to the lower trendline of the uptrend channel (1321$). This level is the FIBO 23,6% retracement also.I think this level will break soon in the next 2 days.
2. The next level is the FIBO 38.2% (1299$) this is also the breakout level and the 50 EMA. It's a possible level to print the DCL.
3. At 1281$ we have the FIBO 50% retracement and the consolidation before the breakout.
4. At 1263 we have the FIBO 61,8% , the 100 MA and the triangle trendline. I see this level as the possible maximum low of the DCL.
Keep in mind if the dollar rallies along the stocks in the next weeks we will slice through these levels ...
Uwaga
If we are closing below the 10 EMA today (below 1328) I'm going to add to the short position.
Uwaga
I say : the trendline will break at the next attack.We have a character change since the last trendline bounces.
Uwaga
We clearly broke the trendline.We are below the 10 EMA on the daily chart.
WE are going to breakbelow 1315$ soon.
Uwaga
There is nothing until after 1300$...Uwaga
Clear new low in the daily downtrend.The FIBO 23,6% level is far behind us.
NEXT :38,2% , 50EMA and the breakout level at 1300...
Uwaga
The 6day RSI just reached oversold.Some of the bulls will sigh: we are ready.
Watching the previous DCLs I say we are not even close. RSI needs to get deeply oversold : especially with a Kim Jong-un comment or witha surprise rate hike on Wednesday... MACD is just starting the DCL's down ride.
Uwaga
Are we trying to tag 1300 by the close???Uwaga
Collapse.Uwaga
Houston, we are going down!Uwaga
Between 1280-1290 I will start some of the position. The FIBO 50% at 1280 could be a resistance...Uwaga
*start to close some of the short positionUwaga
Bulls are capitulating.Uwaga
I answered all the contrarian comments below my previous posts. But no response from troll servers...Uwaga
Just to be clear : i closed 75% of the shorts on the 21st- just as I mentioned above - but I'm going short again heavily in these moments:Uwaga
Covering yesterday's shorts at 1300. I want to see what price is doing between 1300 and 1293. Holding the 25% short position.Uwaga
Zlecenie zamknięto ręcznie
1283.950% FIBO retracement.
Close enough.
Uwaga
The last 25% is closed here.Uwaga
I got a few messages that it's not clear where I saw the FIBO 50% retracement where I closed the short position:Uwaga
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