rjchilia123

Gold/Silver/miners explode, should you buy? $5k Gold $100 Silver

TVC:GOLD   CFDs on Gold (US$ / OZ)
I am ultra bullish on these Gold to 5k+ but this feels like fomo to me. This is the biggest gap between the 200 period moving average on the daily charts in many years. I definitely am not adding to my metals/miners positions, wait for a pullback. I know I thought a pullback might be coming sooner but that’s because I got in so early. We have cut thru every resistance. We have burned thru the weekly bearish divergences that I was worried about. Dxy is going to fall thru the floor and we will lose our reserve currency privilege. Dxy looks oversold in the short term, but long term I think we are going to see a major trend reversal to the downside. Based on the extent these are overbought I would rather be on the short side temporarily. With that all being said I am putting a hold rating on these, I think you want to be patient here and wait for the market to comeback to the 200 ma.
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