mljones

Gold frothy like a BTC impulse bubble

COMEX:GCQ2019   GOLD FUTURES (AUG 2019)
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Gold is well into rare air, it's looking a bit bubbly.

There aren't any reference points to find prior levels for a reversal so about the best that can be done is to project from fibs from the prior waves of the elliot impulse it's working on completing.

It's almost definitely working on finishing wave 5 of the impulse which is likely to correct back to the green high volume region before consolidating and then probably moving back up again.

Intraday it's still a good idea to have a long bias. It's probably only the dumb money pouring into gold right now but there can still be a lot of dumb money to drive it higher so it's a bad idea to stand in front of the train.

This feels a lot like bitcoin during one of its frothy bull runs.

TLDR: right now gold is ok for long intraday scalps, but it is a really bad idea for long term investments or swing trades in either direction.
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