Gold - Reminiscences of 2016
Updated
I still think Gold has unfinished business on the downside.
This sideways / slightly upside movement feels reminiscent of 2016.
In 2016 Gold bottomed after its first decline on October 7th, and toped on November 9th.
This year it bottomed on October 6th, and the bounce has thus far toped on October 16th.
I´m watching price action closely over the next few days and would like to short around 1290-1305, with sl 1316.
CoT is still bearish, i would be suprised if Gold bottomed here and has the strength to move to higher highs.
It almost seems too obvious, as it would be a repeat of last year, but i would like to see a steep decline into the first two weeks of December.
Ideally a slight break of the July low and a test of the triangle uptrend line.
I think once 1260 breaks longs will capitulate.
This sideways / slightly upside movement feels reminiscent of 2016.
In 2016 Gold bottomed after its first decline on October 7th, and toped on November 9th.
This year it bottomed on October 6th, and the bounce has thus far toped on October 16th.
I´m watching price action closely over the next few days and would like to short around 1290-1305, with sl 1316.
CoT is still bearish, i would be suprised if Gold bottomed here and has the strength to move to higher highs.
It almost seems too obvious, as it would be a repeat of last year, but i would like to see a steep decline into the first two weeks of December.
Ideally a slight break of the July low and a test of the triangle uptrend line.
I think once 1260 breaks longs will capitulate.
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Time to find out if friday was real or fake. Can Gold hold 1288?Note
What a Bull Trap. My first target is 1237, should Gold indeed break down in the coming days. (FOMC Minutes on Wednesday)
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False Breakout!? Expecting some bounce here, tomorrow is friday. Let´s see if Gold can finally move below 1260 next week. Silver is already at the October lows.
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Patience certainly paid off with this one. Taking some profits.
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