Everyone has been bullish gold here, but the idea never made sense to me. We're still in the beginning of a market downturn, and if S&P and QQQ go down, gold is going to go down too.
Now the chart is also confirming my thoughts. We just went up and retested previous support as resistance and now we look to be forming a lower high on lower timeframes.
This looks like a great spot to short the pet rock.
Idea would be to go short here and buy as we get closer to the orange and green supports.
Comment
⋅
Not looking good here for gold bulls.... we shall see what happens over the next week or two. Let's see if price can even get back to $185.27.
Comment
⋅
Still can't close above $185.27...
Weakness.
Comment
⋅
1 hr H&S top now confirmed.
Comment
⋅
Appreciate everyone in the comments that tried to counter trade this idea based off of fundamentals.
$175.70 next, then a lot lower over the next year.
Comment
⋅
Short closed this morning. Still think this goes lower over the long term, but taking profits and will reassess for another better entry
Comment
⋅
Looking like a good spot to reenter a gold short
Comment
⋅
Could see price reversing somewhere between here and $187-187.48. Flip $187.48 and the idea would be invalid.
Comment
⋅
Bought GLD 03/15/2024 185.00 P
Comment
⋅
Added to my gold short here at $189
Comment
⋅
Well got the reversal over the weekend. Hence why you don't chase price movements and sentiment when they're at the highs. When everyone is expecting the same gold bull run, it usually doesn't play out.
Put is now in the green.
Comment
⋅
Think it's time to buy puts again. Just bought Jun 21 180P
@Socrates8673, I think we get lower, not sure if by April, but I think this will end up being a false breakout and we'll sweep the Oct lows.
Socrates8673
⋅
@benjihyam agreed, 180-170 is certainly targets in the next couple of months. Or Gold can bounce off 190-195s for further growth. Thats why I’m playing short term for now…
benjihyam
⋅
@Socrates8673, Yeah we shall see how it plays out the rest of the year. Very bullish over the next 2-3 years, but short term (could be 3 months or the rest of the year) bearish.
TORNADOF5
⋅
i wish to be that brave =/ , what do you think about banks ? is it time to short them or to buy LoL bac seems strong but maybe a trap , all year best moves are premarket then im scared to buy after gap under my azz
benjihyam
⋅
@TORNADOF5, Close. I was looking at KRE actually last night and there's a massive H&S forming. I'll share the idea. Not sure if/when it'll play out but I'm going to watch it going forward.
P.S. I was looking at old charts and the UNG top that I shared in 2022 is almost at the bottom... Think between now and April we'll see a bottom and that should be a good long. I know you commented on that.
TanukiTrade
⋅
Totally agree, check my last analysis
binglis34
⋅
Gold has been an excellent hedge these past few weeks. $190 is certainly not out of the question before any serious selloff
benjihyam
⋅
@binglis34, I'm not talking about the past few weeks though... I'm talking about going forward. I don't see it hitting $190. I think it either already topped or $187 is the highest it goes. Time will tell.