GOLD - Getting ready
If we look at gold's previous half year rally (1045 --->1375) as one cycle last Friday we printed the 50% pullback of that rally. We just tagged the 50% Fibonacci retracement on Friday. We might be ready and start the rally from here. Or we might break below 1200$ and reverse quickly from there.
The question is if price is ready to rally from here or they want the stops below 1200$.
There are a lot of stops. If we break below 1200$ price will drop immediately 10-15$ from there. If the banks want to run the stops they have to do it tonight or tomorrow night. Thursday Thanksgiving in the US, Friday is a shorter trading day. Banksters will not leave this market for the long weekend without their gold longs. They could easily get left behind without positions.
I've started to reopen my long positions last Friday. If we break below 1200$ we have 2 strong support zone where the decline can stop:
1. Last years intermediate cycle high at 1189.65
2. And the Fibonacci 61,8% at 1171$
So I think if we break below 1200 $ the zone where I would like to add to my positions is between 1189 and 1171$. (Green rectangle) As we are printing divergencies in MACD , RSI in every time frame I just don't want to risk that price bounces and I don't have position so I started to go long again.
If this is a bull market - I think it is - then this bounce should be a V-shaped reversal with a powerful short squeeze. It will just be the opposite what we had during the bear market when price dropped back to the ICL from the intermediate cycle highs.
LONG ENTRY
The question is if price is ready to rally from here or they want the stops below 1200$.
There are a lot of stops. If we break below 1200$ price will drop immediately 10-15$ from there. If the banks want to run the stops they have to do it tonight or tomorrow night. Thursday Thanksgiving in the US, Friday is a shorter trading day. Banksters will not leave this market for the long weekend without their gold longs. They could easily get left behind without positions.
I've started to reopen my long positions last Friday. If we break below 1200$ we have 2 strong support zone where the decline can stop:
1. Last years intermediate cycle high at 1189.65
2. And the Fibonacci 61,8% at 1171$
So I think if we break below 1200 $ the zone where I would like to add to my positions is between 1189 and 1171$. (Green rectangle) As we are printing divergencies in MACD , RSI in every time frame I just don't want to risk that price bounces and I don't have position so I started to go long again.
If this is a bull market - I think it is - then this bounce should be a V-shaped reversal with a powerful short squeeze. It will just be the opposite what we had during the bear market when price dropped back to the ICL from the intermediate cycle highs.
LONG ENTRY
Komen:
Divergencies on the 4h chart
Komen:
Swing low in gold .
With RSI leaving overbought and MACD turning up to cross over.
With RSI leaving overbought and MACD turning up to cross over.
Komen:
We might have bottomed today in gold.
We broke down the 1200 level , but it's interesting that the breakdown was not so strong. Price is recovering .
We might have a failed breakdown today running everyone's stop .
We broke down the 1200 level , but it's interesting that the breakdown was not so strong. Price is recovering .
We might have a failed breakdown today running everyone's stop .
Komen:
I have a feeling that noone left to sell gold....
Komen:
Today I closed all of my hedges at 1665-66$.
The Fibonacci 61.8 retracement is holding the price . It's one of the longest daily cycle I have ever seen ...
It's enough close for me.
The Fibonacci 61.8 retracement is holding the price . It's one of the longest daily cycle I have ever seen ...
It's enough close for me.
Komen:
We are going to have a powerful short squeeze in gold tonight.
I'm quite convinced we bottomed today.
I'm quite convinced we bottomed today.
