GOLD - Santa's bottom
Updated
It's interesting to notice how gold bottomed before Christmas in the last few years before the New Years Rally .
I highlighted by green the New Year's rallies. Red arrows are showing the lows.
In 2013 : Dec.31. was the bottom and we had a 200$ rally in 2014 Jan-Feb
In 2014 : Nov.17. was the bottom and we printed a 180$ rally in 2015 Jan.
In 2015 : Dec.2. was the bottom and we printed a 330$ rally in 2016 Jan-July.
In 2016 : Was Dec.1. the bottom ? Will we print a 400 $ rally up to 1540$ ?????
Notice that in 2016 we had 2 big rallies : one in January- February and one in May-July. It never happened in 2013-14-15... Also notice that great part of gold rallies last for 5-6 weeks. Last year we had 2 great rallies.
We are 15$ from a possible bottom. I'm still on the long side.
I highlighted by green the New Year's rallies. Red arrows are showing the lows.
In 2013 : Dec.31. was the bottom and we had a 200$ rally in 2014 Jan-Feb
In 2014 : Nov.17. was the bottom and we printed a 180$ rally in 2015 Jan.
In 2015 : Dec.2. was the bottom and we printed a 330$ rally in 2016 Jan-July.
In 2016 : Was Dec.1. the bottom ? Will we print a 400 $ rally up to 1540$ ?????
Notice that in 2016 we had 2 big rallies : one in January- February and one in May-July. It never happened in 2013-14-15... Also notice that great part of gold rallies last for 5-6 weeks. Last year we had 2 great rallies.
We are 15$ from a possible bottom. I'm still on the long side.
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MACD is the last indicator giving the sign we bottomed. It's crossing over.Notice the level where the MACD is turning up now.
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Most probably gold is waiting for the Yen to top...Note
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MACD crossed over...Note
Now I would like to see a TSI crossover and a close above the 10 EMA (red) .Note
It seems they want the stops.Greedy banks...
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If we break down it's very important how the breakdown will be printedNote
It's interesting. Banks are not attacking. They might be ready with buying.At this volume it would be easy to push down price below 1157...
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THere is a decent chance that we bottomed for today and maybe it was just the testback of the previous low.Note
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Just like last yearNote
Today - before FOMC - I will upload a private idea in gold which will be available for the followers. I'm not going to post the link here nor twitter. It will be a tradingview private idea.If you are interested in this please send me an email to :
chartwatchersgmail.com
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