GOLD has always been too big to fail in the minds of the herd and their gurus constantly pound the table that the next bull rally is imminent.
The popular narrative currently is that metals, in particular gold are a good buy now and will rally up to 3K and beyond.
And this is supposedly due to a multitude of things. It is supposedly a hedge against the dollar and that it might be actually but the trouble is that goldbugs are hanging their hat on the dollar bull run is coming to an end soon with a big blow off top.
Thats what they told you - right 😸?
The gurus have been preaching on and on that the dollar is weak and in fact the dollar has actually reached a critical technical juncture, but is it going to collapse back down? - Perhaps not.
And this is the trouble that the herd think that real world weaknesses, "printer goes brrr" etc meant that dollar would easily fail and gold would come out victorious!
Interestingly the gold pump narrative has weaved its way into the conspiracy community and I've seen quite a few posts here and there and also "truther" channels telling their followers to buy gold when they have no idea about technicals.
But in the end the free lunch herd always lose.
And in a way its kinda sad when you think of people trying to behave responsibly and cautiously and react to whats happening in the world. They decide to buy the shiny rocks thinking that its a hedge and "knowing" that price of gold always goes up...
Its a tough school and the school is knowledge and that comes from dedication to a craft. If you dont have it then narratives that seemed so logical tend to evaporate.
...
So anyhow there's a contrarian short trade coming up and I might just take it.
Currently GOLD is failing below $1700 and now close to long term support.
And so as i said in the previous thread every goldbug's stop loss is going to be below support and when they all get triggered it is quite possible that it will cause some kind of automatic rally so it could be risky to short the breakout.
However a re-test of support which would then be turned resistance followed by very bearish candles could be an excellent opportunity to short gold and gold miners potentially in an exciting elevator down capitulation.
...
This thread may not be so popular but if you do like my technical based charting and contrarian analysis I will be opening a group starting on Saturday 24th September where i'll be showing my charts by video and providing market coverage and educational content. You are welcome to contact me if interested and my status will change with details.
Called this bear market right from the top btw - see linked threads.
Not advice.
The popular narrative currently is that metals, in particular gold are a good buy now and will rally up to 3K and beyond.
And this is supposedly due to a multitude of things. It is supposedly a hedge against the dollar and that it might be actually but the trouble is that goldbugs are hanging their hat on the dollar bull run is coming to an end soon with a big blow off top.
Thats what they told you - right 😸?
The gurus have been preaching on and on that the dollar is weak and in fact the dollar has actually reached a critical technical juncture, but is it going to collapse back down? - Perhaps not.
And this is the trouble that the herd think that real world weaknesses, "printer goes brrr" etc meant that dollar would easily fail and gold would come out victorious!
Interestingly the gold pump narrative has weaved its way into the conspiracy community and I've seen quite a few posts here and there and also "truther" channels telling their followers to buy gold when they have no idea about technicals.
But in the end the free lunch herd always lose.
And in a way its kinda sad when you think of people trying to behave responsibly and cautiously and react to whats happening in the world. They decide to buy the shiny rocks thinking that its a hedge and "knowing" that price of gold always goes up...
Its a tough school and the school is knowledge and that comes from dedication to a craft. If you dont have it then narratives that seemed so logical tend to evaporate.
...
So anyhow there's a contrarian short trade coming up and I might just take it.
Currently GOLD is failing below $1700 and now close to long term support.
And so as i said in the previous thread every goldbug's stop loss is going to be below support and when they all get triggered it is quite possible that it will cause some kind of automatic rally so it could be risky to short the breakout.
However a re-test of support which would then be turned resistance followed by very bearish candles could be an excellent opportunity to short gold and gold miners potentially in an exciting elevator down capitulation.
...
This thread may not be so popular but if you do like my technical based charting and contrarian analysis I will be opening a group starting on Saturday 24th September where i'll be showing my charts by video and providing market coverage and educational content. You are welcome to contact me if interested and my status will change with details.
Called this bear market right from the top btw - see linked threads.
Not advice.
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LIKE / COMMENT and more TV'ers get to see my content 👍🏻👍🏻👍🏻.
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Getting close 😨!
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No-one could have predicted this 🙀.
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I've got my alarm set ready for the re-test of support now turned resistance. High probability it gets triggered.
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And there's the re-test.
I wont short here just yet because if I remove my cross market bias this could be a shakeout reversal pattern to see a big pump. So I want to see more bearish PA.
I wont short here just yet because if I remove my cross market bias this could be a shakeout reversal pattern to see a big pump. So I want to see more bearish PA.
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Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Get the "heads up" at critical moments - don't lose your shirt.
$50 per month 👍🏻.
Contact: t.me/dRends35
