I suggest to trade the daily cycle decline in gold in the next 2 weeks.
Minimum target: 1841$ (200 SMA and BB basis)
Maximum target: 1787$ (50 & 100 SMA)
Time range : Short has to be closed the 9th of June the latest.
Indicators:
MACD crossover
SlowStochastic leaving overbought
RSI 6 leaving overbought TSI crossing over
After a successfull rally out of the double bottom gold tagged the 1910$ level. As the dollar is coming out of its daily cycle low gold will need to cool down a little bit before it hits the intermediate top later this summer.
Daily cycle count
It's not crystal clear what is the exact daily cycle count:
It's possible we printed the top on day 57 and it was one very long daily cycle, or we are in the 2nd daily cycle - in this case the 2nd daily cycle top came on day 41 ( and the first daily cycle was only 16 days long)
Whatever is the situation actually it's not important , because day 41 as a daily cycle top already enough for me ( very often the top comes on day 25) and day 57 is an extremely long cycle, so cycle wise the top must be in.
As the MACD is crossing over quite early I'm looking forward to see the Slow stochastic to tag the oversold level ( and also the RSI to tag oversold).
If you are watching the RSI I suggest to use the 4 RSI as RSI 5 and 6 usually doesn't reach the oversold after these powerful rallies.
If you are satisfied with the profit just close the trade , because we are stealing money from the bull right now and every profit will evaporate when we start the 3rd daily cycle....
Stops
Use a stop above the cycle top, but only if we close above it, but I don't think we can break above 1910 in the next 5-6 days.
Minimum target: 1841$ (200 SMA and BB basis)
Maximum target: 1787$ (50 & 100 SMA)
Time range : Short has to be closed the 9th of June the latest.
Indicators:
MACD crossover
SlowStochastic leaving overbought
RSI 6 leaving overbought TSI crossing over
After a successfull rally out of the double bottom gold tagged the 1910$ level. As the dollar is coming out of its daily cycle low gold will need to cool down a little bit before it hits the intermediate top later this summer.
Daily cycle count
It's not crystal clear what is the exact daily cycle count:
It's possible we printed the top on day 57 and it was one very long daily cycle, or we are in the 2nd daily cycle - in this case the 2nd daily cycle top came on day 41 ( and the first daily cycle was only 16 days long)
Whatever is the situation actually it's not important , because day 41 as a daily cycle top already enough for me ( very often the top comes on day 25) and day 57 is an extremely long cycle, so cycle wise the top must be in.
As the MACD is crossing over quite early I'm looking forward to see the Slow stochastic to tag the oversold level ( and also the RSI to tag oversold).
If you are watching the RSI I suggest to use the 4 RSI as RSI 5 and 6 usually doesn't reach the oversold after these powerful rallies.
If you are satisfied with the profit just close the trade , because we are stealing money from the bull right now and every profit will evaporate when we start the 3rd daily cycle....
Stops
Use a stop above the cycle top, but only if we close above it, but I don't think we can break above 1910 in the next 5-6 days.
Note
1920 was the 2011 high in gold. There is a decent chance the daily cycle top was printed there.
Note
The blue horizontal line shows the 2011 top
Note
When RSI 4 tags oversold I’m out of shorts:Note
10 MA tagged today.
Note
1840 at 200 SMA is a very possible target.Note
Note
RSI4 oversold. We are clearly moving into the DCL.Trade closed manually
Closing 50% of the position at 1870$ as RSI 4 tagged oversold.Eaiting for 1840 with the rest of the position
Note
Waiting for 1840...Trade closed manually
Closing the other 50% too.“Short has to be closed the 9th of June the latest. “ anyone who haven’t closed the shorts yet this is the time. Cycle wise from this point every dip will be bought.
Note
The chance is high by the close this drop will be bought.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.