XAUUSD: Monthly oversold, in an uptrend...
Updated
There's a chance we have the bottom in place here, I'm holding longs, aiming for a daily target to be hit by August 1st, but there's a chance this rally extends further and triggers a bigger short squeeze, pushing gold to 1550-1650 over time. Commitment of traders data shows commercial hedgers have been unwinding short positions, which has been a signal for local intermediate term bottoms, like the ones in Dec 2015, Dec 2016, July 2017 and Dec 2017.
Quarterly support held, we have a very oversold signal here and good evidence to support a rally in gold, commodities and currencies against the dollar. I still hold long positions in equities, but I have longs in EURUSD and Gold as well.
As a sidenote, recently I reached extreme levels of capitulation, personally, trying to go long prematurely before, and I saw that Peter Schiff was talking positively about Bitcoin after a debate with Erik Vorhees, and even was seen sending his first Bitcoin transaction. I see this as more evidence of a bottom in gold here, thinking like a contrarian.
Best of luck,
Ivan Labrie.
Quarterly support held, we have a very oversold signal here and good evidence to support a rally in gold, commodities and currencies against the dollar. I still hold long positions in equities, but I have longs in EURUSD and Gold as well.
As a sidenote, recently I reached extreme levels of capitulation, personally, trying to go long prematurely before, and I saw that Peter Schiff was talking positively about Bitcoin after a debate with Erik Vorhees, and even was seen sending his first Bitcoin transaction. I see this as more evidence of a bottom in gold here, thinking like a contrarian.
Best of luck,
Ivan Labrie.
Comment
Trade closed manually
Made a decent profit between EURUSD, Gold and Silver, but closed all longs in profit here. DXY looks once again like it refuses to fall.Trade active
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
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.