I think the good job data had finally triggered the daily cycle top in gold. We should move down into the DCL now.
The hourly topping pattern looks perfect to me : double top, testback of the trendline, one more pullback to 1370$ to stop out the early shorts - while smartmoney is selling the miner shares.
This decline should last for only a few days as on the 30th of May we not just printed a daily cycle low , but an intermediate low. So this 30+ days long daily cycle is only the first we should have 2 more. And the 2nd one is always the strongest.
So I will try to ride this decline down to 1300$. I'm quite sure we will tag the 50 EMA before the low is in.
Right now we are fighting with the bear market's weekly trendline. I'm pretty sure we are going to close below that level ( below1353$)
The hourly topping pattern looks perfect to me : double top, testback of the trendline, one more pullback to 1370$ to stop out the early shorts - while smartmoney is selling the miner shares.
This decline should last for only a few days as on the 30th of May we not just printed a daily cycle low , but an intermediate low. So this 30+ days long daily cycle is only the first we should have 2 more. And the 2nd one is always the strongest.
So I will try to ride this decline down to 1300$. I'm quite sure we will tag the 50 EMA before the low is in.
Right now we are fighting with the bear market's weekly trendline. I'm pretty sure we are going to close below that level ( below1353$)
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