Today we are closing the day at the 200 MA on the weekly chart.
The whole week in gold will be a story about a fight at the weekly 200 Moving Average.
Today it is around 1309$. If we close below 1309$ significantly by the close of any day this week we are heading down into the daily cycle low.
It means we will have a 4-8 days decline till the end of next week.
The DCL could be around the weekly 10 EMA (1260-1280$) marginally we could break below that. In the past DCLs occured at the 10 EMA. (highlighted by red ellipse)
I'M not going to play this decline. I'm waiting for a good entry point for a gold long. We are in a new intermediate cycle- hopefully the 1st daily cycle will end soon. The second daily cycle will be the powerful move up so I would like to catch that move.
The whole week in gold will be a story about a fight at the weekly 200 Moving Average.
Today it is around 1309$. If we close below 1309$ significantly by the close of any day this week we are heading down into the daily cycle low.
It means we will have a 4-8 days decline till the end of next week.
The DCL could be around the weekly 10 EMA (1260-1280$) marginally we could break below that. In the past DCLs occured at the 10 EMA. (highlighted by red ellipse)
I'M not going to play this decline. I'm waiting for a good entry point for a gold long. We are in a new intermediate cycle- hopefully the 1st daily cycle will end soon. The second daily cycle will be the powerful move up so I would like to catch that move.
Note
The fight continues today. The daily chart not too convincing regarding the rally.Though we broke above yesterday's high we couldn't hold the gains till the daily close. So the daily candle doesn't look too bullish. I think tomorrow or Friday we will have the answer:
are we moving to the daily cycle low or we are breaking higher.
Note
Possible bear flag on the hourly chart which broke down by the close?Note
With a MACD crossover...WOuld be good to know what are the banks plan with gold by the end of the week...
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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.