Silver in a falling wedge right now.
If it break out the top re-enter long, but for now looks like it is trading pretty technical. Keep eyes out for any significant news on Virus or global events that could spike it out.
Easy set up. Nothing big on the fundamentals as we have the post Phase One deal and Brexit Elections cool off for next week or two. As a result we are playing off technicals until something changes. Falling wedge is still bullish long term so only play within the wedge.
We are setting up with AUDJPY in a Triangle formation forming a hook at a key support level. Triangle is tightening in to Dec 15 when a round of tariffs will go into effect. Significant good news with the trade deal and we move above the key line. Any break down with the phase one deal we move fall under the key line.
AUD is very dependent on China hence it will...
UPDATE to previous call where we caught a monster move short on Gold!
Currently waiting to see where we break out of this wedge forming. No news by Thanksgiving in the US, gold moves up. Any good news (location for signing, full draft ready etc) will be looking to short off the 'hook' as it breaks down from the wedge.
Fundamentals
- Market is waiting on new...
Fundamentals - Potential Phase one trade deal signing, taking some steam off of gold until we start again with Phase two.
Technicals - Trend channel with an accumulation pattern for shorts at the current level. The current accumulation level was brought during the FOMC meeting where it was inferred that it would take a well established change in inflation and...
