GOLD - Inception

Come back for the text later.

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This call based on the divergence between price and the indicators. All the indicators on the chart are showing divergence : though price broke to new lows none of RSI/MACD/SS/ CCI was following. I have seen this before: it is happening when noone left to sell and big players are accumulating.

The call is bottom finding idea on the smaller time frame ( hourly) if it works I will post another idea based on the daily chart.

Till that time for longer term projections please see this idea:

We are on day 10 of the panic selling. During the last few years there was only one longer panic selling : after the election night. So we should be close to the bottom or maybe we just printed the bottom exactly after this call at 1248.6.

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During the European night we clearly broke the down trendline of the panic selling stage.

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Head & shoulders at the trendline break with a back test. This is a low risk entry with a stop below yesterday’s low.