I use an indicator called supertrend which is very trustable mostly on long term positions. That particular indicator had not been broken on the 8H chart since June 8 2017, but it has been now (the chart shows the daily supertrend only). I don´t know what to make out of that break yet but as far as I can see only 1312 and 1304 stand on the way before a trend reversal. It still concerns me that a wild rally may take place any time up to 1350 to fill the gap, so that we should expect the unexpected and be prepared for it. I just wanted to share this with the group because there is more volatility to come, big time.
the pullback towards 1350 worries me because it might be fast and hard!
ReplyDeleteExactly that´s why a mentioned a wild rally, situation that requires mental preparedness not to get carried away by emotions and fear.
ReplyDeleteCesar, it could be anytime? Or maybe torrow at 9:30 am (edt)
DeleteMore likely tomorrow
DeleteTomorrow* sorry
Deleteits messing with people mind with this slow pace bear movement. now we're scared to buy
Deletethanks Cesar
ReplyDeleteCheers Cesar
ReplyDeletejust like sir cesato previously mention, the gap now has already been filled, i wonder how long would it take to filled this week gap.
ReplyDeleteUN has put new sanctions against NK, expect NK to retaliate
ReplyDeletehttp://edition.cnn.com/2017/09/11/politics/north-korea-un-security-council-vote/index.html
This could be the catalyst (excuse) to fuel the rally.
DeleteJOLTS report is also out for the month of JUL today will surely bring lot of movement to gold
ReplyDeleteI am not sure the GAP on Monday has been filled completely. But in the US opening, I expect that gold will retrace to 1316 or below. So I'm holding a sell position at 1327 TP 1317 SL - 1338 for the moment. I hope I'm right.
ReplyDeleteThe gap from Sunday has not been filled yet, you better tighten up your SL.
ReplyDelete