Don't wanna dissappoint you but the new reserve is already known (SDR) and will have nothing to do with gold!

I don't like his hubris though, I agree.

Not sure what to make out of this, but looks very bearish:

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/25/gold-is-doomed/

EDIT:

'Now, the problem with gold is it doesn't pay any interest or dividends, but it does cost money to store.'

So this is where gold and BTC may differ! TPTB??

I like your attitude sir! Honestly 

Damn it was seconds before I short it at 292 

Fakhoury I think the answers to your questions are obvious, can't elaborate on the profounds.

Inversed? You mean USDBTC? Probably I can to it in TradingView with a formula (1/Bitfinex:USD)

First leg down. 2 more to go full bearish

We need to break 320 IMO or we were in a countertrend rally and the bear trend is not over.

In this case I think we will see 100% sub 200s again and maybe double digits. It will take time though.

I explained above why the current setup makes me cautious.
That does not mean I know where it will go (neutral ATM except some 'scalps') and we (everyone here) try with TA (TPTB with TA+fundamentals) to figure out a possible direction with every clue we can find in our charts.

In order to provide some more clues why a triple break must always be treated with caution in a counter signal, I will provide some more examples from BTC chart.

Coincidentally the first one is from the double top I mentioned before of last summer. I see many similarities with back then but there are of course differences too.
Not sure what will happen if we double top now (same or different pattern) but BTC tends to repeat patterns (don't you dare deny this! ).

So here is the first chart:



That was a very strong sell signal and a first serious warning that this asset should be treated with extreme caution! Even the subsequent strong double top could not reverse this and then we fell even harder!

We fell down to 445 and bounced at 530 - then another triple bottom (468) break finished any chances of recovery! We fell to 275:




275 to 410 and the another triple bottom at 368 sends us at 315. Then we rally up to 475 and we get another triple bottom at 365 which brings us at 165! :




That was the last time we encountered such a signal until the recent one.

Do you know when the big sell off started the previous summer (from the 685$ high to 165$ bottom)? August 11th!

It made a nice double top 685$ and 665$ and the rest is history...
Will it repeat itself (315 and 305?)?

If we make a reversal (3Os at 280) before we move more up I am very undecided on what to do.

Open long at support there or short at the bounce at 285?

I will decide based on the circumstances again...

Will wait to see in the sidelines - if we fail to break 304 and fall below 295 I will short.

kLee prophecy for the lolz:

315 -> 125 -> 215 -> 75 -> 145

EDIT: That is a bearish scenario if we fail to break 300$ again for good (>320)

Just to clarify: breaking a resistance/support line in PF is NOT a buy/sell signal.

Basically we have resistance up to the last X top (296) and we have to breakout at 300 to get past this first line.
Then there is the 300-304 resistance and of course, as you said, the last high (316).

So if someone wants to be as less risky as possible he has to wait for 320.

I would say that if we pass 305 for good (we hit 308) it is pretty safe to enter.

What is very risky here is two things:

1) The breakout is exactly in the historical 300$ milestone. I expect bears to get really nasty there.
2) We had a tripple bottom break before the next possible double top break, which in general has to be taken very cautiously because it has higher chances of being a bulltrap.

1+2 are pretty synergistic IMO so I would wait for 300-305 area to be left for good behind before I enter. But this is just me of course...

292$

LTC encountered solid resistance at 4.75 and is now struggling to keep 4.5.

BTC seems to have paused at first resistance line at 288-292 too.

Will be a busy week!

WTF is wrong with this site again??  

For LTC the trade is easy - buy the break out at 5.5$ else short the hell out of it.
You can short at 4.75-5$ too but risky. <- redundant

BTC is a bit more complicated as a breakout now (300$) is right on to the resistance zone (300-304$).
I would buy at 305$ or short <272$
Alternatively you can short 288-292 range and/or 300-304 but a bit risky too.

Me ATM neutral.