Hi Guys,
What happened was exactly why my prefered option from last post was for a consolidation on a rising triangle to bring technical slowly down.
Technicals got overextended and the reaction, fueled by the market panic, led to crazy selling of anything into cash, some say margin call triggered it, others blame the algos, others even fund managers looking for liquidity to pay existing investors, who knows? do you?
Me, personally, I just know the markets on the short term can be VERY inefficient for whatever reason, and this translates into opportunities, we just need to be ready to think clear and not let our emotions get the best of us.
Now, I am not saying this is over and we should all start buying gold like crazy, this CAN go lower but it also can swiftly turnaround to the upside.
What I think is that on the medium long term, gold will go much higher than what it is now but I have not idea what it will do tomorrow.
Why do I think this will go up on the long run? All the fundamentals pushing gold up just got a theoretical(for now) boost, and honestly I think they will have to come true.
For the short run, my personal expectation is to see some consolidation at these level with high volatility, too much uncertainty on the market...what is yours? why?
(I do not give trading or investment advisees! these are just my personal views! everyone should trade at their own risk.)
remember only the witch from the east knows what will happen!
All the best and GL!!
What happened was exactly why my prefered option from last post was for a consolidation on a rising triangle to bring technical slowly down.
Technicals got overextended and the reaction, fueled by the market panic, led to crazy selling of anything into cash, some say margin call triggered it, others blame the algos, others even fund managers looking for liquidity to pay existing investors, who knows? do you?
Me, personally, I just know the markets on the short term can be VERY inefficient for whatever reason, and this translates into opportunities, we just need to be ready to think clear and not let our emotions get the best of us.
Now, I am not saying this is over and we should all start buying gold like crazy, this CAN go lower but it also can swiftly turnaround to the upside.
What I think is that on the medium long term, gold will go much higher than what it is now but I have not idea what it will do tomorrow.
Why do I think this will go up on the long run? All the fundamentals pushing gold up just got a theoretical(for now) boost, and honestly I think they will have to come true.
For the short run, my personal expectation is to see some consolidation at these level with high volatility, too much uncertainty on the market...what is yours? why?
(I do not give trading or investment advisees! these are just my personal views! everyone should trade at their own risk.)
remember only the witch from the east knows what will happen!
All the best and GL!!