We are on day 27 today. We bounced from the 10 EMA yesterday. This is normal. But don't wait for a big rally to 1300+ ... We have maximum 7 days from now for a move down into the daily cycle low. Today the dip buyers were buying gold as a backtest of the breakout. As soon as bulls will realize that it's not a backtest but we are heading down to the 50 EMA and to the trendline , they will be trying to exit immediately. That will push price down to the trendline or to the 50EMA into the DCL.
We will have a pop from the 50 EMA as a start of a new daily cycle but that last daily cycle will roll over in 4-5 days and we break below the 50 EMA and enter into the panic selling stage. That will take price down into the 5th daily cycle low at the 200 EMA.
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I don't know how long the dip buyers will be able to hold the hourly 200 EMA against the rallying dollar...
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I'M not going to take profits at the 10 EMA. Time is too short for this decline. Today and tomorrow I would like to see a really serious and scary decline below the 20 EMA with the blood of the late bulls on the chart. They must realize that got caught on the wrong direction.
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And here is the false breakout from the double bottom on the hourly. To suck in retail traders...
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These big banks and funds are painting on the chart what they want you to see.... THat's why the times of the pattern traders are over. The patterns alone are useless.
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I'M taking profit half on my XAUUSD position. I will explain later why...
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Not touching the DUST positions.
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Sakakikunmakio
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Soryb1300-1310
Sakakikunmakio
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LMAO... Definitely it wouldb touch 1319 by hourly :)
Sakakikunmakio
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It closed @126x I mean
Sakakikunmakio
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Nahh I know it just because us sessions opening pushing price goes below... If u think today it must 126x but did not see... Just 2 cent
Renegade7
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A preliminary employment report 2 days ago was under expectations. Gold popped to 1290 it went to 1275 prior to report that day then came backdown to those levels. NFP should disappoint as well. If so, I foresee a similar price action. Do you agree or will Gold hold and not drop depending on the level of miss.
Sakakikunmakio
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I believe today gold will be break above 1292-1300... But it just my thoughts... Sory eng not gud as well :p
chartwatchers
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Same thoughts. Just don't forget to jump out at 1300...
chartwatchers
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Your english is much better than my japanese...
:D
Sakakikunmakio
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Nahh iam just sayin my launching pad @1270... But my stop loss @126x... Not worried at all...
chartwatchers
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It was close though.
I saw some Japanese stopping out when we were buying.
;)