This one you will have to explain unfortunately went over my head
I dread to share this but looks like funds might be coming into commodities after 1300 was breached.
The entire spectrum is strongly green today (which is not just one metal going up, its the whole group - which normally is part of a bigger portfolio - and suggests funds more than traders)
Closed some at 1307.16 to 1307.66.
Slim pickings but pulling risk off.
Blimey it is strong.
I bet they will short massively once they have locked traders, am not getting in.
Everyones going mental on gold passing 1300 - support is still 1275-1280
I find it interesting that although my 1.148 EUR short of Sterling was stopped 1.158 a few days back, trying to buy 1.148 long (resistance becomes support) would not have worked (hit 1.142) either.
Sterling is still weak.
Such is life.
Its a blind stabb
No CFTC data cause of US Govt. shut down to support any position.
Charts alone wont help
FED Minutes and Powell Conference
If he sounds even remotely hawkish or non-adjusting
Then Short Gold all the way down to 1275
If he sounds dovish and accommodating
Then Gold neutral, I think it will retest 1300 soon
USD down to 9515 any lower to 9500 then it might trigger sell stops. USD will plunge keeping Gold and commodities higher.
So gold going forward will be tricky to postulate.
Silver 1600 Bang ! Gonna hold it longer and see what happens.
Some stops hit last night @ 1316 + , 1317+, 1318 +…
The wheels have come off the trading run here.
This is pure USD vs Commodities play now, one I have been harping for months now.
USDX is going down has no support for another whole percentage which means Gold etc will get higher another percent even without buyers.
It is time to be Long on Gold - have to get in again
My game now is to wait for US Markets to run,
Run with Risk-off mentality - making some dips in Gold.
US Markets do run shedding risk, gold does go down - but -
US500 stalls at 2700
It doesnt want to go up at all, over 2 hours now.
More data and Chicago numbers out tomorrow.
This week has more to deliver
Job numbers out soon I’ll play the swing, Friday could give a few points
Gold Short 1319.xx
End of Govt. Shut
If these 3 cant lift SP500 above firmly above 2700
Then there isnt much left to look for.
Good weekend all
Where does gold go from here. I’m still short at 1313 & 1310 but feel it will go lower not higher.
short term lower, should test around 1300
so take daily profits on short positions it can reverse any day
VIX long @ 16.77, I know you await 15 Brown Adder, I will load up if it drops