Monthly Spinning Top candle. Spinning tops are a sign of indecision in the market because the long upper and lower shadows didn’t result in a meaningful change in price between the open and close. In other words, the bulls sent the price sharply higher and the bears sent the price sharply lower, but in the end, the price closed near where it opened at the beginning of the session. This indecision can be the sign of an upcoming trend reversal.
While spinning tops may be relatively benign on the day they occur, they are often a sign of significant trend changes over the coming periods. A spinning top that occurs at the top of a bullish uptrend could be a sign that bulls are losing their control and the trend may reverse. Similarly, a spinning top at the bottom of a downtrend could signal that bears are losing control and bulls may take the reins.
which is why the best way to trade is to focus on the weekly and even monthly chart. We wait for the signal, enter and hold and hold and hold. Until we see the next signal. This is how to trade.
I see it as a return to the floor of 1285 and a weekly consolidation so no need to give up on our trades or panic. Hold.
Well we got the rise as expected but still not enough volume to move gold upward. Just a lot of froth and bubble. The dollar remains under 94 and I believe the growing tension between China and the US will put pressure on it to fall. I’ve never seen a trend take so long to turn but patience will win out in the end. RB
Dollar falling fast, oil rising, gold rising…
Just waaaay tooooo much debt on all levels. If I had property I would sell and trade gold for the next three to five years. The price move will be significant and the larger the trade the larger the profit. A 1.00 trade placed today would see a profit of $30,000 if the new trend takes us to $1480. A $5000 balance will allow a 1.00 trade. That’s a great return. Jan is always a big month for Gold so we could see the price rise in Oct to Feb.