This week is going to be an interesting week. The week before last gold printed a bullish Marubozu candlestick with a breakout. But last week there was no follow through. We had a red doji candlestick. And the beginning of this week we are coming down again. We have divergence between price and the RSI. WHile we had a higher high in price RSI was not able to move higher into the overbought territory. Also MACD looks week to me.
I'm starting to believe that the breakout was a fake move to get more bulls on board before we get a seriuos correction at the end of the new bull market's first stage... This week should give us the answer: Will gold rally against the strengthening dolar and soaring stock markets? I don't think so.
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I'm waiting for the confirmation of the bulltrap on the 4hrs / daily chart. As soon as I see the sign I will launch Gold's daily post. I want to be 100% sure the daily cycle top is in. Now I'm 95% sure that gold's intermediate decline has started. Bulls have to face a serious decline this week.
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PS.: Thank To NEXUZ for the weekend discussion on gold's weekly chart.
التعليقات
Renegade7
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The dollar made a strong move today. If it retraces will gold retrace to the upside and would this be a good time to jump in rather than chase it from here? I'm thinking 1280's.
Renegade7
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By the size of this move maybe that's wishful thinking. Maybe it's more like look out below.
nexuz
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cheers mate! i had to thank you for sharing your knowledge and time :)
Sumikko
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Is there a chance for gold to test a higher price again like above $1300?
chartwatchers
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Never say never, but it seems to me that gold is topped at 1303.
There will be higher prices in July , but before that we will have a correction. A tough one.
If you are long you have to get prepared for even a decline to 1150. If you are ready for this mentally and "capitally" it's not a problem.
But at the bottom it will look like gold is going 1000$. All of your senses will tell you to close the position.
Sumikko
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Thank you. And thankfully I'm not in any position at the moment. Just scouting when would be the best time to enter short on this one. Whether to wait for the price to do a retracement or to head on in when my 12 EMA cross the 36 EMA on the 4 hourly chart.