The trend is clearly up undoubtedly. I would still try a short here at months end closing candle ( with a wide stop loss ). I am expecting a correction either due to positive GDP leading to month end correction or a correction from the 1st week of September due to resuming trade talks .
My conviction is a big correction is needed below $1490 to shake out weak hands. Right now the 10 y yield is almost near a tripple bottom in a yearly time frame. Further more vix dropped , stock index correcting with jpy weakness visible. Rather it’s unusual for precious metal to hold their stance this long
Lets see if we get a sell off below $1528 by tomorrow !
My conviction is a big correction is needed below $1490 to shake out weak hands. Right now the 10 y yield is almost near a tripple bottom in a yearly time frame. Further more vix dropped , stock index correcting with jpy weakness visible. Rather it’s unusual for precious metal to hold their stance this long
Lets see if we get a sell off below $1528 by tomorrow !
Note
I Have taken profit on 80% of my position at $1525. It looks like a strong support for now. I would add short on spikes. I am expecting to see a Indecisive weekly candle.
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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.