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.
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...Note
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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...Note
Not touching the DUST positions.
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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.