Another sucker rally. There is not much to say same story as usual, every bear market. Commodities, mainstream assets like Tesla & Bitcoin...
First the price drops in a straight line as smart money, the "weak hands" exit. Then price is choppy because of bagholders. There was a first "THE BULL MARKET IS BACK HURRAH" and then another drop down with less chopiness, the whole downtrend has a smaller angle. And then a second "BULL MARKET IS BACK 🥳" diagonal sucker rally that always all end in a straight red line. May 6 2010 flash crash CANCEL ALL ORDERS CANCEL ALL ORDERS.
I bought some 16 June puts with a strike price of 1850. Ideally I aim for at least $1800 which will pay really well (several times the warrants costs).
Once the dumb gamblers have capitulated I'll just buy some calls with 1-2 years expiry, I'll try to get in around the bottom but I don't know a way to magically predict where it will be (don't try to catch a falling knife). And I'll buy as it continues to go up.
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Might go to 1900 before going down. The previous ATH is 1920-1925. I don't think we can pinpoint the top easily or at all.
Very good read as usual. I see gold going down to at least 1500. Thoughts
MoneybagsMcGee
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you lost le money on this one, rene
MrRenev
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@MoneybagsMcGee, Put 1 expires 16 June, Put 2 expires in September. Not expecting much out of this. But holding the bag since I got puts.
MoneybagsMcGee
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@MrRenev, September is a good expiration. There will almost definitely be a strong correction by then. Almost certain this is just retail FOMO due to "inflation." We'll see .
andrewosta
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are you broke yet?
ammaralfa
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Technical view it does seem like a fall , but fundamentally speaking kinda not , usd is under bearish pressure too much negative new coming out , i see a new high in gold i just don’t know when m
muxie
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gold going down maybe a sign that economy is recovering right ?