ridethepig | Gold Market Commentary 2020.09.16
Updated
A very difficult move and recommend passing up this opportunity unless advanced Fundamental skills with analysing FED. The point of this move is a demonstration of how the Gold advance has been too 'steep' and the late buyers should be punished.
Remember the lust to expand came all the way back in October 2018, when we traded the lows in the move live together:
The bull trend has bottled up enough energy and its time to start unwinding some of those valuable longs as we start to lose a grip of the 🔑 $1,970 resistance. A lot of inflation has already been priced, Covid risk remains prevalent and will keep the moves limited to the downside. If we can nail the waterfall then our targets should be located at $1803/$1800.
Thanks as usual for keeping the feedback coming 👍 or 👎
Remember the lust to expand came all the way back in October 2018, when we traded the lows in the move live together:
The bull trend has bottled up enough energy and its time to start unwinding some of those valuable longs as we start to lose a grip of the 🔑 $1,970 resistance. A lot of inflation has already been priced, Covid risk remains prevalent and will keep the moves limited to the downside. If we can nail the waterfall then our targets should be located at $1803/$1800.
Thanks as usual for keeping the feedback coming 👍 or 👎
Note
For those in shorts from yesterdays flow, it is a good time to start thinking about trailing stops to $1,970.Note
Eyes on $1,930...Note
If we are going to test $1,910 it will be with the quadruple witching -> quarterly close flow transition. Eyes here today.Trade closed: target reached
$1,910 first targets hit!
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