GOLDXAUUSD: Gold Tracker
• A significant movement, a nice bullish leg.
• Momentum, news, an event.
• Orderly consolidation with higher lows, reduced volatility.
• The action rides the EMA 10 or the EMA 20.
• Volumes are significant compared to the previous phase.
• Volumes dry up at the end of the consolidation.
• Volumes are high during the breakout.
On gold, the volumes are not significant.
Tracker
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DCC/ This code snippet is written in PineScript, a programming language used in TradingView software.
// This function monitors the daily price of cryptocurrency
study(title="Cryptocurrency Price Monitor", precision=8)
// Define cryptocurrency symbol to monitor
symbol = "BTCUSD"
// Retrieve price history for this currency
price_history = security(symbol, "D", close)
// Define alert threshold in percentage
threshold = 0.1
// Calculate the upper alert threshold
price_upper = price_history * (1 + threshold/100)
// Calculate the lower alert threshold
price_lower = price_history * (1 - threshold/100)
// Plot current price
plot(price_history, title="Price", color=color.blue, linewidth=2)
// Plot upper alert threshold
plot(price_upper, title="Price Alert Upper", color=color.orange, linewidth=2)
// Plot lower alert threshold
plot(price_lower, title="Price Alert Lower", color=color.red, linewidth=2)
// When the price rises above the upper alert threshold,
// an alert will be triggered
alertcondition(price_history > price_upper, title="Price Alert", message="The price of cryptocurrency
The benchmark is not the index. Quick illustration of benchmarks and indexes not being the same.
The MCHI passive ETF tracks a different index that is supposedly also the Chinese index and it is interesting to see that there is quite a big difference in performance.
YTD we have -9.84% for the classic index VS -15.58% for the index that your BlackRock ETF is tracking (the MSCI China Index).
To me this YTD difference is huge. 🤯
This is a good lesson for people new to investing, pay attention to the benchmark the ETF you bought is following because in markets like these the performance mind be very different compared to the index that is usually shown on the news.
As Bogle used to say Caveat Emptor .
Gold Tracker | MacroGold printed same top as bitcoin, but there is some potential here for a breakout to the upside. The move down seems controlled, which can be seen by strong pushback real quick just 3 days in the new month, which can be seen in the monthly chart. I got a small bearish bias, as this can be a giant distribution trading range. On the other hand, I like gold, but I keep my feeling out of the analyses, it's of no use for you.
I don't know what to think of central bankers owning most of the gold in the world vs what people claim to happen in the near future, like that all banks will go down, if so, then gold won't be worth much as supply floods the market, right? I personally don't think central bankers will disappear overnight, as the likes of the IMF. Nation states? Yeah, probably. Private and commercial banks? The central banks like ECB are already destroying them in Europe with negative interest rates. See any European bank stock chart and compare that to the US ones like Goldman Sachs. It's very apparent they want to steal the pension funds and rob the more well off people here.
But still, the thought of gold owned by them is a conundrum what it will do to price. I don't think gold will be "the standard" in the future (and please don't talk about bitcoin, that won't ever be "the standard", that I do know.) Please share your thoughts below.