The moves in Gold have been excellent to track this year because of the tendency to put turning points around the Central Banks. This of course seems very appropriate. The 'infamous' loading zone has allowed us to pick the low hanging fruit, now things are going to start getting a bit trickier from a positioning perspective.
I am certainly holding longs and will become a player of the momentum break today above $1,875. How far Fed is from reality and certainly equity markets too is remarkable, carrying out a quick review of the flows we are way out of the $1,803 support which is the one we were tracking earlier in the year.
In any case, it is clear that the direction is long and with the Fed support essential - we should not suffer in the least. Buyers are aiming for $1,960 and $2,075 extension targets.
Thanks as usual for keeping the feedback coming 👍 or 👎
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For those tracking in CNY:
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XBT in XAU terms approaching 🔑 areas... one to track for the coming sessions as it will define how we will close the year:
@T-r-X, quick to take such a position when none of the evidence is in your favor and history consistently proves this position wrong. enjoy missing out, dollar bull.
T-r-X
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@MoneybagsMcGee, I'm a contrarian. When I see the biggest short position on long term treasuries in history, I know the short squeeze is coming.
You can keep buying GLD, SPY and QQQ to the moon.
ridethepig
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@T-r-X@MoneybagsMcGee@RomanLosev ride the pig until it exhausts....risk of next panic cycle comes into play on 20th Jan (week of and after the inauguration), would like to clear TP1 at $1,960 before then to make it easier for 2021.
and perfect analysis💎👌🏼
keep up the good work