Rough night for sure, but also good opportunity to sell to improve average. Market always unpredictable and did not expect such lofty highs. Market never changes when it comes to extremes, and that is why always maintain low leverage in order to manage the position the right way.
During night I add one more short @ $ 2,068 with slight higher leverage and placed buy order at $ 2,023 for 25% of position and this time lucky it worked out. My average now $ 2,038.50 short and low leverage.
The over state is still overbought, and we may be adding once again around $ 2,068-2,070 if seen again. The movements has been erratic and shows the market condition is overbought is my personal view.
For new positions strategy is SELL current $ 2,048-2,052 range and add $ 2,068-2,070 if seen again. Profit orders now as follows: 25% @ $ 2,014 and rest $ 1,989 for now.
Comment
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took 50% back at $ 2,014 rest of balance profit order $ 1,989.
Any pullback will likely be minor and temporary. Some of this is Ukraine but most of this is inflation caused by money printing and will not resolve. There will be a dollar crisis abs default one day. Long term gold will see 10k or higher. Could take years it’ll happen.
Armenco
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@ShortSeller76 looking for FED rate next week. but even cutting rates will not decrease the inflation. and US politics add a lit to this situation. it has already just begun to improving but Ukraine and embargo made the job
@Armenco, Infaltion is 7.00 to 10.00 percent, they are talking about MAYBE 0.25 hike. In order to tamp down on inflation we would need 9.00- 13.00 percent interest rates!! Gold will go up for years with many pullbacks along the way
peterbokma
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@ShortSeller76, it's a difficult one... for example if we end up WW3 yeah... big changes expected... I just hope that is not the scenario.. Ukraine..eventually will reduce if parties are willing... let's see for now... short is the way I feel...but yeah with spikes... its ok as long low leverages used..which I always do as one cannot predict highs and lows... thanks for the support anyway... tc
Armenco
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Besides, we have China's ambitions about Taiwan. And it's getting hotter every day. I think we'll have China overtaking Taiwain in very short period of time. Taking into account Taiwan as #1 in chip production I think this event will have wow effect globally.. So given poor US market, Russia-Ukraine war and finally China's delisting in US then where one could go with his money other than GOLD and SILVER?
peterbokma
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@Armenco, yes, for that reason I bought back. I feel we will not see very low levels until the dust settles, if ever. For now, perhaps buy strategy for a move towards $ 2,200. tc
parign
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First thanks for the good ideas and sharing with us. What do you think will happen now?
peterbokma
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@parign, not sure as yet :) will look at it for coming days. I took back @ 1,991 and its fine. Thanks for the comment and appreciation. tc
parign
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@peterbokma, thanks. Make sense. There is a lot of uncertainties.