GOLD - Heavy metals

Neverending range....
The breakout to the upside just doesn't want to come.
We are running out of time not just for the daily cycle but for the intermediate cycle too...

The chance is high that daily cycle's trendine (blue) going to break down and we are testing the bottom of the range soon.

If the range breaks down we might tag the 2017.12.12 low before the rally starts again in the metal market.
Any close above 1359$ on the daily basis invalidates the short idea.

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Makes sense to take some profit on the position here.

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The reason is the eurusd descending triangle. We might have a bounce here. But Im looking forward to see the breakdown in EUR soon.

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... and this is not a flag as many newsletter writers were waiting for. Its a topping pattern of an intermediate cycle.

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EURUSD will drop to the 50EMA at 1.19 before the next leg up starts.

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Closing 50% of the position.

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We are getting close to the bottom of the range.
The target is at 1307$ but I think I'm going to take profit tomorrow at around 1310$.

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On the other hand we broke below the 100 SMA.
The chance is high that we break down the range in a 5-7 days panic selling.
I will explain it in a new idea.

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We are backtesting yesterday’s low. I think we are close enough to the bottom of the range to close this trade before the FED meetings’ tricks.

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