It seems never ending. The bad news for the bears - and the good news for the bulls - that we are still in the triangle.
The good news: it seems to me that miners bottomed yesterday. And gold might printed the DCL yesterday also.
As I'm writing this we are very close - less than 1$- from the daily swing.
Yellen speech today will be important for gold's direction.
If she hits a hawkish tone - I doubt that - we might break down from the triangle. Even if that happens I don't think we will break below the last DCL (1310.5).
If she hits a dovish tone we might immediately rally up to the upper trendline of the triangle. At that level I would like to see as price stays above the green trendline ( Bearmarket's trendline from the all time tops)
Indicators
RSI has give in the sign of the bottom. We left the overbought levels on the daily chart.
I think the FED 's last chance for the rate hike was the last meeting. As the elections are very close the only thing left for them is speaking about hiking but nothing will happen.
In the worst case we can be in this triangle 3-4 weeks from now.
The good news: it seems to me that miners bottomed yesterday. And gold might printed the DCL yesterday also.
As I'm writing this we are very close - less than 1$- from the daily swing.
Yellen speech today will be important for gold's direction.
If she hits a hawkish tone - I doubt that - we might break down from the triangle. Even if that happens I don't think we will break below the last DCL (1310.5).
If she hits a dovish tone we might immediately rally up to the upper trendline of the triangle. At that level I would like to see as price stays above the green trendline ( Bearmarket's trendline from the all time tops)
Indicators
RSI has give in the sign of the bottom. We left the overbought levels on the daily chart.
I think the FED 's last chance for the rate hike was the last meeting. As the elections are very close the only thing left for them is speaking about hiking but nothing will happen.
In the worst case we can be in this triangle 3-4 weeks from now.
Note
DAILY SWING LOW PRINTED:We broke above yesterday's high.
Just be sure that a few people already reading the text of the speech.....
Note
And the dollar is not doing anything.Just imagine if we break down from that flag in the dollar ...
Note
I just hope I'm not alone on the bull train?!Note
What a volatile market....Holding the position.
At the end we will not get a green marubozu just an inverted hammer.
We were going up on high volume and bears pushed down the price at the low volume period.
The inverted hammer also a trend changing pattern.
Note
As it's a continuation pattern the lower trendline of the triangle will hold.
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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.