Folks, it is ill-advised to short an adolescent Bull especially one that just printed a 'daily cycle low' end of last month. We are on our way up to $1400 this month and possibly up to $1500 in September.
gLloW
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I don't know anything about a 'daily low cycle', but I do know that here we have a chart which has major bearish div on the daily, it hasn't broken up into any new levels of momentum on either the Daily or Weekly (or close to doing so), and is also potentially forming a reversal pattern. I believe that we are about to start a significant downtrend that will exceed the uptrend that we've since since February. Also, I believe the USD is about to reverse and continue up for the next year or so. With all of that said, we will see, I'm kind of new to this... and I'll be bailing out of DUST if gold exceeds 1375.
Nightstar
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A couple of things you need to keep in mind here.. Nothing ever goes straight up and so we might see a very small correction in the short term but a Bull market [especially one that was previously suppressed by the bullion banks] will continue to surprise with further upside momentum, not the other way around. Overbought can continue to stay overbought for weeks on end; that's why Cycle Analysis as well as Sentiment trumps Technical Chart Analysis time and time again..! It took me a while to figure this out but it's now clear as night and day :) Cycle Analysis called the bottom in OIL and Precious Metals this year when every 'so called' Analyst was calling for further downside. They were wrong and they continue to be wrong.
Also worth noting..There are several indications that the US Dollar is actually starting a Bear Market. That's what happens when Governments all around the world continue to print trillions of dollars in paper currency. That is the one and only Fundamental driver right now and why stocks continue to climb.
Long story short: If you're gonna play Devil's advocate then I would recommend you keep a close eye on your trade.
Good luck!
pmcllc
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Cycle Analysis trumps Technical Analysis time and time again???
Alec40
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I am expecting a bounce in Gold & Silver over the next week or two however there is a bearish Flag pattern that could send us down to $15.60-70 level is successful! Something to keep in mind and help us manage our trades!
Nightstar
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Well done on this one :)
Krasen
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well done! Bravo!
I wasnt agree but you've been right
Bandarsq
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Thanks. Yea it went well :)
ThunderDarkly
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Nice chart im watching X at the moment, looking for 1350