Gold is running out of Steam... The Winter is coming
Updated
Gold and Silver tend to follow seasonal patterns. If you have been in this market long you know this is a painful time of year for stackers and longs. Although I am a long term bull, a healthy pull back to 1260-1250 is eminent. We might climb to 1300... but we will come down. Down below if 1250 does not hold gold will fall straight through to 1235-1205. It is important to bear in mind that gold and silver are heavily shorted. There is a lot of downward pressure on precious metals. The charts can be deceiving but the trend is your friend
Note
It seems that the powers that be are having trouble keeping gold down. Trumps tax plan and its debt implications is seen as a positive for gold. Political tension across the globe from North Korea to Saudi Arabia are a factor. The demand for physical gold and silver from jewelers and the general retail sector is incredibly strong. A close above 1300 would be interesting to so the leastNote
say*Trade active
HIt 1235 on the button. We had a nice bounce but its time for seconds. I am looking at 1220, 1200, and 1170Trade closed: stop reached
whorrry sheeeet Gold on fire
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.