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TFC Commodity Trading Forum

Re: August Gold/ Holding Above $1616/Lee *PIC*

I haven't been up to a hell of a lot actually. Been working on my gun some fine turning it and trying it out. This time of year is erratic and volatile with the markets and typical whiplash time of year both ways. But the Gold chart did cross and has held above $1616 but is still under that broken uptrendline but also in a very bullish Flag. It won't stay there long but until it breaks out of its Flag it could go either way. Gold in early June does not have a bullish record but is capable of running up again the same amount as the Flag pole it recently made which would take it up to about $1720 which is the major 8 month downtrendline. That is a big move regardless. And DX is backing off typically. That is no surprise with the very overbought condition. Still bullish but looks a little exhausted for now and should continue to pullback with rallying inverse markets. With Europe up the creek though anything is possible. Recall the weekly chart of DX I posted and how bullish it looked. Could easily run up to 89.70 which is huge for DX and blow the socks off most everything inverse. So it's a freaking coin flip. Next couple of days should tell the tale and get things moving. Just look at how many markets are a long ways away from their 20emas. Look at a bunch of charts and see how price always comes back to the 20ema on a regular basis especially when stretched far away. Should be some fireworks in a variety of markets very soon. Time to watch closely......