Sunday, August 27, 2023 3:05:12 PM
Gold's at a critical hold or fold level on the daily:
A break above the $1948.20 8/14 bullish RAMBO (yellow candles with "R" below) quintet high is a long signal while failure to break and build over it confirms a lower high that keeps the short-term downtrend since May, intact.
In my opinion the latter is more likely: the pop last week after gold was down for 2 weeks straight is likely to be a head fake. On the 250 tick, Friday afternoon there were 6 bearish RAMBOs followed by pro (white candles) activity near the daily highs, an unconfirmed short set up, that confirms when the $1937.30 low of the lowest of the six bearish RAMBOs breaks to the downside. Also of note, as both retail (6 bearish RAMBOs) & pros were active, their activity triggered 3 bearish divergence patterns (3 small yellow dots @ the bottom of the chart).
A break above the $1948.20 8/14 bullish RAMBO (yellow candles with "R" below) quintet high is a long signal while failure to break and build over it confirms a lower high that keeps the short-term downtrend since May, intact.
In my opinion the latter is more likely: the pop last week after gold was down for 2 weeks straight is likely to be a head fake. On the 250 tick, Friday afternoon there were 6 bearish RAMBOs followed by pro (white candles) activity near the daily highs, an unconfirmed short set up, that confirms when the $1937.30 low of the lowest of the six bearish RAMBOs breaks to the downside. Also of note, as both retail (6 bearish RAMBOs) & pros were active, their activity triggered 3 bearish divergence patterns (3 small yellow dots @ the bottom of the chart).
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