We printed the DCL today. Before posting a detailed gold update I just want to go through how fantastically worked the Fibonacci on this way down.
1. First we broken down the lower trendline of the uptrend channel (1321$). This level was the FIBO 23,6% retracement also. Notice how we spent 3 days to break down this FIBO level on the 13-14-15th Sept. 2. The next level was the FIBO 38.2% (1299$) this was also the breakout level and the 50 EMA . It was a possible level to print the DCL. Many traders were tricked out at this level. On the 25th Sept seemed we printed the DCL but it was only a false swing. 3. At 1281$ we had the FIBO 50% retracement and the consolidation before the breakout. We bounced only for one day from this level. It was an important sign and I missed this sign. It was obvious that we needed to go lower from here. I started my first longs from that level . It was a bit early.. 4. Around 1263 we had the FIBO 61,8% , and at 1253 $ the 100 MA and the triangle trendline . I saw this level as the possible maximum low of the DCL. Today's low was at 1261.
As at the close of today we printed a bullish pinbar and a key reversal I'm very convinced the low is in for this daily cycle.
Perfect call Arpi. I thought we had two to three more days with the weak volume for a DCL, but the follow through has been excellent. Worked up to a 1/2 position in UGLD.
lantao517
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Hi CW, what's your target for daily cycle rebound
Mustapha87
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This will be the leg that makes new highs imo.
Mustapha87
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Long it is!
Jamie-Dimon
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@Hello Arpi,
I hate to admit it...but this time I fully agree with your analysis.
Mannnassser
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It is still within the downtrend channel. Did not break the channel at 1281. I think its only a bullback depending if dollar index would breakup the 94 level or retest 91 level. It is too early for changing the downtrend.
Murodjon
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so it will be good position to buy on monday, right?