Great entry $6.45 - 6.55 IMO if 1890 Gold Holds
From a seasonal perspective, Gold is entering its season. There's a stimulus package waiting in the wings right after elections, an enormous amount of stimulus in the market right already. Given that the dollar is locked in a downtrend, there should, or could be a substantial rally into years end as short-sellers look to cover. The overall trend in this market is higher, don't fight the fed, the trend is your friend, and the only potential short term negative here is that the market is squeezing retail traders until the stimulus package gets placed squarely on the burner so its in the crosshairs of the senate for passage. Either candidate will be good for the market, however, many analysts believe a Trump victory will fuel a major rally in stocks over the next four years pushing the indices loser to 35-40,000! The only hitch in the gitup would be a hung jury on election day which probably results in a mass liquidation event similar to the March crash! Good luck, just my two cents here!
Note
Broke through 1890 in Gold and BTG slid all the way back to a zone of strong demand around the $6.04 area. Only time with tell if 1865 holds or we retest the lows. I suspect the market will liquidate as it did back in March if an election result appears to be undecided come Nov 3 and 4, so a strong heads up! Once it's resolved, (if there is an issue) the trend HIGHER should resume after A WINNER IS DECLARED
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.