So finally we got our decline.
I was reading on a few webpage this weekend where the authors were talking about 1450$ gold by the end of this week. It seems will not happen though.
Before anyone would go all in with shorts I would like to warn them... WE ARE IN A NEW BULL MARKET.
On the 30.05. We printed the low of a 6 month rally. On the 1st of June we entered the second trend of the bull.
There will be declines but for catching them we have to know where we are in the cycle.
Warning signs:
Gold miners (GDX, GDXJ ) are not falling so hard.
Silver will have only a 1$ decline.
My cycle count in gold shows me that we are on DAY 31. This daily cycle topped on day 27.
We printed the hanging man - yes it was a hanging man and it worked. We have 3-5 more days and we will print the DCL. I thought that the DCL would be on the FOMC meeting but if we continue this violent decline tomorrow and Thursday we are done and the rally will start again. So I'm waiting for the 50 EMA tag around 1300 $ and I will load up with gold for the next rally up to 14++...
We see how and when will get there.
Don't forget when we start to rally again the second daily cycle will start . The 2nd daily cycle is always where the big gains are made. So what we don't want to get caught with shorts in the second daily cycle. So this week the latest I'm going to close my shorts and waiting for the DCL to enter the long party.
I was reading on a few webpage this weekend where the authors were talking about 1450$ gold by the end of this week. It seems will not happen though.
Before anyone would go all in with shorts I would like to warn them... WE ARE IN A NEW BULL MARKET.
On the 30.05. We printed the low of a 6 month rally. On the 1st of June we entered the second trend of the bull.
There will be declines but for catching them we have to know where we are in the cycle.
Warning signs:
Gold miners (GDX, GDXJ ) are not falling so hard.
Silver will have only a 1$ decline.
My cycle count in gold shows me that we are on DAY 31. This daily cycle topped on day 27.
We printed the hanging man - yes it was a hanging man and it worked. We have 3-5 more days and we will print the DCL. I thought that the DCL would be on the FOMC meeting but if we continue this violent decline tomorrow and Thursday we are done and the rally will start again. So I'm waiting for the 50 EMA tag around 1300 $ and I will load up with gold for the next rally up to 14++...
We see how and when will get there.
Don't forget when we start to rally again the second daily cycle will start . The 2nd daily cycle is always where the big gains are made. So what we don't want to get caught with shorts in the second daily cycle. So this week the latest I'm going to close my shorts and waiting for the DCL to enter the long party.
Note
Today's menu:Pop at high volume in the bear flag in the following 3-4 hours.
We will tag 1347$.
Note
Gold is printing a pathetic rally with the falling stocks and weakening dollar.I'M almost 100% sure that we will break down the flag and price will drop to near 1300$...
Gold should rally much harder when everything else is falling.
But DCL is DCL .
Note
The bear flag broke down. Just as I predicted.Note
It was so weak that couldn't tag the upper trendline n the flag.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.