Looks EXACTLY like the December 2015 / January 2016 action in gold. Massive imbalance in the COMEX COT readings along with Ping-Pong price action by the Gold Cartel aka Bullion Banks / Wall Street just prior to LIFT-OFF (i.e., shaking out of all of the weak shorts and weaker longs). Getting VERY LONG Gold Futures in anticipation for a move possibly up to $1400 by year end. Gold sentiment could not be any worse. Perfect time for MASSIVE SCRAMBLE to cover shorts by trading funds.
Commento
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Gold stocks seems to be breaking out ahead of gold this week. We will get a 8/16 EMA daily cross on XAUUSD at the NY close which is very positive moving forward. Once gold can decisively breakout over $1215, then the funds will start to aggressively cover their short positions.
For whatever reason, the selling continues and gold is not yet able to breakout over $1210-$1215 range. Try to maintain a bullish position here but if Gold is unable to hold $1190 on a closing basis, then that's a really bad sign and plan to ditch long positions..
forged
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Nice...
FXTM
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I agree with your idea!
kaotic363
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Gold also has a very STRONG weekly WaveTrend BUY signal as well. Just don't turn into a goldbug and forget to sell when its gets into the RED overbought zone.