New Gold Breakout? Or Bull Trap?

Looks like a textbook start to a parabolic blowoff to me. Only needs volume.

 

Break outs typically break down sooner than later. You need to get familiar with intraday charts where break outs, then break downs typically happen. Good luck on your speculation.

 

A break out like this that isn't followed up by new buyers coming in and pushing the price up higher is a big warning signal to me. If the price just sits there with no follow through then look out below.

For Gold July futures options expire this week on the 24th Take a look at what happened going into previous option expiry dates.

 

I always have a 60 min, Daily, Weekly and Monthly chart open.
Funny thing is, I have been trading gold on the short side for weeks and now that I surrender and go long it wouldn't surprise me to see it selloff. But I can't ignore this obvious technical breakout for now.

 

IMHO trying to work out in advance whether the breakout will hold or not is a waste of time, and not necessary to make money in this market.

 

How do you think Chinase Yuan PEG cancel will affect gold price?

I

 

Gold is going to 3K to 5K at least.

Stop trying to pick short term bottoms and tops and just establish a core position in the metal itself which can later be amplified trough the possession of mining stocks leveraged to the spot price of gold.

Look up every topic there has been on ET concerning gold since it was at 600$ an ounce and you always read the same bearish arguments who have been proven wrong and wrong time and time again because they fail to understand the nature of both bullmarkets as the nature of gold and times when you need to own it such as today.




Don't be the one left behind!

 

While pundits scream bubble, the charts continue to make higher lows in a relentless climb. Bull trap? Doubtful. Naturally, the Fed hates to see it go higher, as they lose more and more control.

 

Anyone thinks Gold is being sold by central banks intervening every time it makes a new high ? I never believed in the gold bugs' conspiracy theories until now . It sure looks like intervention to me. Gold doesn't make sense, it's not what it used to be at all .
Now if they intervene, how ? and where would you see their tracks ? COT ? How do you know about big physical gold sales, and how do gold leases affect the market short term ?