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TFC Commodity Trading Forum

Re: Gold/Triangle Breakdown/Approaching /Trades

Hmmmm....
Definetely some food for thought, esp. the extreme sentiment #'s...BUT...one thing I have learned of recent is that extreme sentiment #'s are not always that reliable for a turn, and actually can be a sign of very short-term continued strength with-the-crowd....they are almost always early indicators....
One interesting note is that Feb. gold currently is 6 days down in-a-row.....I would have to get interested in a 7th down day in-a-row....if Feb. gold holds below yesterdays high of 1596.9 and makes a new low tomarro that will be a possible setup for a reversal worth paying a great deal of attention too...

Wouldn't it be nice to see one more selloff to get the rsi into the very oversold zone and get us into the 7 day rule to watch for a reversal?
Would be a perfect chance to reverse my position...
I just can't help but expect lower prices for another day or two though looking closely at the charts...and they look ominous....especially silver...

But wouldn't be suprised to see 20% down one day and up 20% the next.....lol.....

Let's see what the markets do...they get more interesting every day.....hehehe.....