GOLD - Short squeeze on the horizon
Today after 4 days of decline everybody is ready to short gold again.
Most of the ideas here in TV are a gold short idea. We have a lamp (or light) button next to the indicators button above the chart. If you click on it you will see how many short and long ideas were published on TV. I love it. This is a very good sentiment indicator.
And now I can see a sea of red.
The first daily cycle of the intermediate cycle always has a shallow correction at the end of the cycle. 4-5 days only. We had a 4 days decline by today and I'm quite convinced that we printed the daily cycle low right here at the GDP report.
1. We just broke the trendline.
2. The hourly green candle's volume is good.
3. DXY turning down and EurUSd is turning up, printing the right shoulder of the pattern.
4. RSI, MACD, TSI printing divergencies.
For the next gold rally above 1220 we just need the dollar to start to weaken and stocks to switch into decline mode. And as I see oil is on our side. If oil starts to fall - and I think it will - noone can save the S&P 500 from falling...
After today's close I will update gold on the daily chart.
We might or might not test back the green trendline. I suggest to open here at the trendline break and add if we have a testback to trendline.
I would like to see gold closing above 1180$ today.
Most of the ideas here in TV are a gold short idea. We have a lamp (or light) button next to the indicators button above the chart. If you click on it you will see how many short and long ideas were published on TV. I love it. This is a very good sentiment indicator.
And now I can see a sea of red.
The first daily cycle of the intermediate cycle always has a shallow correction at the end of the cycle. 4-5 days only. We had a 4 days decline by today and I'm quite convinced that we printed the daily cycle low right here at the GDP report.
1. We just broke the trendline.
2. The hourly green candle's volume is good.
3. DXY turning down and EurUSd is turning up, printing the right shoulder of the pattern.
4. RSI, MACD, TSI printing divergencies.
For the next gold rally above 1220 we just need the dollar to start to weaken and stocks to switch into decline mode. And as I see oil is on our side. If oil starts to fall - and I think it will - noone can save the S&P 500 from falling...
After today's close I will update gold on the daily chart.
We might or might not test back the green trendline. I suggest to open here at the trendline break and add if we have a testback to trendline.
I would like to see gold closing above 1180$ today.
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"Gross domestic product, the official scorecard for the economy, expanded at a 1.9% annual clip from October to December, the Commerce Department said. That’s a marked drop from a 3.5% growth rate in the third quarter and below the 2.2% MarketWatch-compiled consensus."
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Guys this is the first sign that the USA will destroy its economy with the strong dollar. ANd now they have a businessman president.
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Trump will fight hard against the strong dollar. And I'm very sure next week Yellen will slow down with her hawkish tone.
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Now I really want to see that stop run!
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Look at silver. It seems to me wants to run higher...
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+2%
(Thanks to Shinsky for this notice...)
(Thanks to Shinsky for this notice...)
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Day traders can close this trade here at the close at the daily maximum.
Monday probably we will get a little pullback as China is closedand Europe might sell a bit again.
Maybe a trendline testback, maybe just 2-3$ pullback.
Monday probably we will get a little pullback as China is closedand Europe might sell a bit again.
Maybe a trendline testback, maybe just 2-3$ pullback.
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RSI is in the overbought territory...
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Luke, I'm shooting the power down!
Have a nice weekend!
Have a nice weekend!