Gold has parabolic ascend and its in downtrend now, it has broken recent micro uptrend and it is now in free fall with major suppport at sub 1000 levels. One Sell Naked 2019-1150 calls to make a good return.
We have a move form 6500 with good increasing volume, i am looking forward to a test of 8800, which would be a good short entry.
Conditions for a short entry:
Move should be low on volume.
Bearish div will form on daily
rising wedge will form
Look for entries around 8150, with 7980 as SL
Will this pop or will it be a dud like Tron falling wedge, it all depends on BTC if btc consolidates between 7900-8400, there is good chance that it will pop so does whole basket of alt coins
B looking at the btc chart it very likely that it should consolidate, its stuck between a resistance at 8500 and support at 7800
!! Please note that this is inverse Bitcoin chart
Although market is bearish, I would suggest taking some risk here, and buying September 6000 calls when price enters green box, There is very less chance that calls would expire worthless and it is a good R/R play
There is less chance for ETF but we have a big rising wedge on daily inverse botcoin, A breakout of ...
This Pattern is very similar to what has happened to ripple when it was consolidating in $0.20 - $0.3 range.
Currently its facing resistance around 0.786 and second resistance is around 0.5.
Break of Triangle will take us to $3.8
This will take months to complete