After breaking out from the pennant gold had a strong rally on the hourly chart. We couldn't break below the 10 EMA for days.
Yesterday night (GMT) we tested the 50 EMA on the hourly chart. A bear flag was forming. This afternoon the bear flag break out. It seemed a false breakout as price almost immediatelIy drop back into the flag. In the next hour we turned up again from the 50 EMA.
One could go long from here with a stop below the 50 EMA (hourly chart) .
I think this night the latest price will break above the Brexit high and we will be heading to 1400$.
When price breaks 1358$ suddenly everybody wants to be on board with the bull and every bear want to close the rest of the shorts.
The rally will last till last bear standing.
Yesterday night (GMT) we tested the 50 EMA on the hourly chart. A bear flag was forming. This afternoon the bear flag break out. It seemed a false breakout as price almost immediatelIy drop back into the flag. In the next hour we turned up again from the 50 EMA.
One could go long from here with a stop below the 50 EMA (hourly chart) .
I think this night the latest price will break above the Brexit high and we will be heading to 1400$.
When price breaks 1358$ suddenly everybody wants to be on board with the bull and every bear want to close the rest of the shorts.
The rally will last till last bear standing.
Note
Brexit high broken.Note
Watch how the 10 EMA is supporting the trend again.Note
Don't forget : till last bear standing. Just a bull flag again:
Note
Trendline crawling...Note
When volume comes in going to break upNote
We are not ready yet...Note
WHat is sure now that we are going to test the neckline / upper trendline of the flag at 1363$.Note
At 1363 price will decide to break up (1) to 1390 or come down (2) into the DCL
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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.