Chinese Gold short!!!Well, we made 5 waves up, now looking to short it to the top of wave 1. Goog luck!!
XAUCNY trade ideas
XAUCNY
FX_IDC:XAUCNY OANDA:XAUUSD
Why CNY?
- Because chinese and its yuan still dominate world trading in the next few years, in the end it will make yuan position getting stronger than dollar, and it more relevant to pair it with $GOLD
- USA try to counter by pushing USOIL and geopolitic issues to maximizing petrodollar strategy to increasing dollar demand, but it will fail and only makes inflation getting worse
- After we met bubble on stock or crypto market and less buyer on it, the peak of printing money, the rates goes up, its the time to commodity prices goes up and the gold continue the bullish trend
goldThe pattern of head and shoulders descending in the gold chart to the Chinese yuan (Waiting for the neckline to break)
ridethepig | Gold in CNY📌 The lows in Gold are an elegant threat for another leg higher towards the highs; name wave 5 which is the one that we have been tracking since the previous diagram:
I love it when an idea comes together. We arrived at the destination for our retrace and have started to form a base. Sellers are vacating! Moreover, buyers are now keeping their eye on the momentum gambits, these are particularly for their fancy.
A change of scenery from the channel would be enough to do the technical damage, there is hope for the combination and recommend keeping some powder back to go massive when it start working.
This is exactly the same way we played it with the 3rd wave up... try with one or two positions in the opening, no more. Once you break the block add another; and another; and eventually you build an entire account which gets new and decisive in its own way.
Anything but selling the premium!
So the XAUUSD annotation:
Also much clearer is the flow in XAUUSD which, since the prospect of dollar getting devalued, makes it a lot easier and more important to track.
Thanks as usual for keeping the feedback coming 👍 or 👎
ridethepig | Gold in CNY📌 The struggle to claim 14,631 is notable. When studying the waves I came across similar a similar state of affairs in the earlier flows. The impulsive rally derives from its strong nature, not from itself but from much more the strategic concept of portfolio defence. A defensive move which is clearly crowded and starting to become a deer in the headlights could do with a push down to sharply shake out the late retailers who are attempting to eat off the march forward.
Here we started to load longs on the breakup of the 3rd wave, a momentum gambit which we will discuss further in detail over the coming weeks, sellers outpost was taken exposing the highs. The long-term flows into gold are made from sound fundamentals and common sense ideas, however, it does not mean we cannot attempt to outplay our opponents in the interim... before they get comfy for a good night's rest!
Thanks as usual for keeping the feedback coming 👍 or 👎
ridethepig | Sticking With Gold in CNY Here we can focus on the realms of reflationary risks that are around the corner, the struggle to shake out bulls is identical to the struggle we saw in 2016 which is reassuring, and for that reason our problem is reduced to a timing issue.
For those tracking the previous diagrams in Gold it is obvious in USD terms both on the Weekly and Daily.
Weekly:
Daily:
What is surprising is that the boat is still not fully loaded which is quite unusual to see this late in the game. The swings otherwise always appear as waves which are being defended and the defender is always assigned to a direction! Very true; but waves in a macro trend are swings of more importance. So it should seem relatively normal to treat them with full sizings and extensions.
Here is clearly a strong move in miners, though it involves the sharp threat of capitulation for bears. Which would make things much easier for trading XAU:
On the other hand there is also risk from 2's 5's:
Bears will have to overcome the entire flow which is now ready to continue marching forward towards the targets. For those tracking the end of year positioning flows for 2020 Q1, reflationary risks are around the corner!! After months of choppy waters , finally bulls are emerging from beneath the woodwork as we begin the flows towards 1650. I stick to my average forecast of XAUUSD $1650 and expect Gold to hit $1595, $1650 and $1800 on a 6, 12 and 24m basis. This is my final target in the 5 wave swing, afterwards I will expect Gold to enter in consolidation via profit taking.
Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
CNY-denominated gold will hit a new high in the future.
Only valid for Chinese people. If you want to keep your wealth. You need physical gold. I don't understand the macro economy. I think the trade war is long-term and he will exacerbate the devaluation of the renminbi. If you are a Chinese compatriot. I hope you are lucky.
After putting in another bottom in August, Gold is breaking outAfter putting in another bottom in August, Gold is breaking out to the upside. Will hit a high in early Feb consistent with its 1-year cycle.
Gold = XAUCNY divided by USDCNYAfter reading the article noted below, I decided to plot USDCNY, XAUCNY and GOLD, overlayed on a chart showing the computed value of XAUCNY divided by USDCNY. It strikingly shows the correlation between the two pairs, and how it accurately aligns with the XAUUSD (Gold) valuations.
That being said, it would make sense to watch the Chinese Yuan closely to get a true feel for the trend of gold going forward.
www.zerohedge.com
Gold: A solid long from hereGold has sold off as the initial reaction after the FOMC meeting on Sept 26th. However right now is a very good spot for at least a bounce play imho. I'm sharing the chart of Gold priced in Yuan. It shows that gold has sold off all the way down to the LVN 8126, where previous sharp rebounds have happened. Assuming that USD/CNH has topped, then this is the best chance we've seen since the 1160 drop in gold last month. It also gives clear edge on when to exit the trade. If XAUCNY breaks current level, then it will probably sell off all the way down to the floor of the next market structure, which corresponds to 1140-1150 if priced in USD.
XAUCNY big timeIf you are interested in Gold/Silver big time upside, the XAUCNY may even interest you more. See if your broker has this option.
