1379 was the price to beat to be able to say "ok we are in disbelief, gold bear market is over".
Seems like it is not over yet.
If this line does not hold, it will probably go 1122:
The worthless shiny metal that produces nothing and casual "investors" love so much has been dropping for months now. If it forms a higher low than 1122 then maybe there is hope, otherwise that will be the support, I probably go long there if I see signs of a bottom. Unless we get signs of a bottom soon at the ~1185 level. Still waiting for that...
Then after that we won't be far from the all time low since gold bubble at $1050.
If Gold goes below $1000, that will be a harsh lesson for all goldbugs.
Very high selling at 1150 or 1050, going (only) slightly below support, and then bouncing hard, could mean the bear market is ending also, this is how bull markets often, start.
So in any case, if we go visit these supports, I think there is a really high chance the long accumulation phase is over.
I think gold is going to head to 1040/1050 and test that area, the support there has a decent chance to hold but if it fail I think we may test 880-915 but we will see and either way it will be interesting
biffbifford
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There is no reason to own gold right now. Gold is a fear trade and the US economy is the best it has been since 1996. Trump is disrupting the world order lifting the US into a new global era where the US is proving her dominance in areas other than just the service sector. The dollar continues to strengthen giving credibility that this economy is real. The naysayers can complain from their comfort of having a job instead of looking for work as most were doing during the Obama administration.
traderjoe999
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Yea, 'poor goldbugs'... It's not like it is spuriously claimed that the US dollar is 'strong' because 'interest rates' are higher in turn propogating weak consumer spending and in-turn even weaker purchasing power for the people. But muh collections departments!
So, congratulations, you can purchase less today for your debt note 'dollar' then you could 10 years ago, with the only historically stable asset pushed down to give some fallacious illusion that the US economy is fine & dandy.
Meanwhile, no increase in incomes, and more expensive goods for all.
It works on paper, until it doesn't. This is simply Banana Republic level stupidity of deliberately devaluing the US dollar. Next stop, the poor house.
Note: The RSI is utterly oversold. Speaks volumes.
AdamPalmkvist
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Bought a 10x leverage bear Certificate yesterday and i'm already up 15% hahaha!
MrRenev
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@AdamPalmkvist, Where did you enter? Aiming for 1125ish?
AdamPalmkvist
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@MrRenev, I entered at $1194 as it broke through my original bullish idea i had completely. $1144 is probably my exit point currently since i'm holding 10x leverage and i don't wanna take too big chances.
AdamPalmkvist
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hbu?
Nasrinmehr
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Hi. Good time. Please create an account to enter the global market for buying and selling.