GOLD (COMEX) gold

Originally posted by Pointyfigures: ↑

*WARNING*
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I do not like the current set up on the AUD gold price chart.
Activity yesterday and today has a very strong whiff of a bull trap.
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FOMC meeting finishes tonight and fed heads will dribble. This can have a major impact on gold and/or dollar price.
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While today’s price action is not over, this is how the chart looks if the gold price does not change too much into the close.
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Two KEY numbers to watch for.
A$5,310 (blue box) is a breakout and begins setting up a new target price for AUD gold.
This price is looking out of reach ATM. Price moving in the wrong direction.
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A$5,101 is closer (highlighted column) and confirms the double top is in. Straddling the trend therefore we could see a waterfall event. Have seen them before.
If so, floor around the previously mentioned $4,440, the old target and consolidation exit price. I do not like coincidences.
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Sentiment is still on the way down with no sign of a turnaround. Another warning.
You know what to do if an $800 drop occurs – get protection.
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Good call PF.
I hope you wrong on $4,400 though, that’s just painful.