GOLD (COMEX) gold

Originally posted by wombat53 ↑

" Expecting a bounce sometime in the session."?
Sometime? When? On what basis? A dead cat bounce maybe tomorrow? Why not?
You don't see the way that gold price has collapsed...not just that it collapsed, but how violently it collapsed, smashing thru Support (1,302), the psychologically important round number 1,300 and then another $20 more???
This is not your run of the mill stop sweep.
A bounce? With so much overhead supply? This will be a huge obstacle course to overcome, with suffering longs ready to sell at the first possible opportunity, a kamikaze wave of selling at every possible chance to "break even".
Some here have been pointing out the 5 lower peaks on XAUUSD for 3 weeks now.....didn't augur well for gold...not too many paid attention.
It's a flag (or wedge) -a bullish continuation pattern, yeah sure.
If any kind of pattern, a descending triangle (always bearish - if you believe in Chart Patterns).
It's all on this Forum.
Only a few hours ago, I showed at length there was not even any long term up trend in place....not to many paid attention.
So, people - even avid trend followers - fabricated other lines to confirm their psychological biases.
This discussion been going on for 3 weeks now.
Global financial collapse looming (but DAX is rising - see image...all major EU markets) , Assange to smash Clinton (never happened), War looming between USA and Russia over Syria (sure), Russian Nuclear Drill (new Cold War), China Holiday , mentioned above above...irrelevant to gold...OMG!!! - All good for gold!!! What is going on on this Forum?
I'll answer it myself - a total disconnect with reality, deliberately ignoring what you can see with your own eyes - rather that what people think, believe or hope for....

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Wow what an overdramatic post!! And yes gold is in a medium term uptrend. Long term is debatable (as long term can be 3/5/10 years). The fundemntals are still very sound and the November election should be the deciding factor imo. Gold has had a massive run this year and this correction is to be expected. I wouldn't call this bull run over until 1200 is broken (even then hard to say).