Nice entry yesterday on gold at $1790 for me, I took the day trading profits at $1810 but have re-entered today after a nice close yesterday. Stop at around $1780.
The way I see it, inflation has peaked and the dollar will sell off the rest of the year. That's great for gold as a hedge and with the fed taking a more measured approach rather than ultra hawkish thats good for equities as well. Normally we would expect gold to not do so well if equities are pumping. I don't see equities moving rapidly up though more a measured grinding slowly rise with ongoing worries from the fed about inflation until they eventually take out ATH's again. That should prove good for gold as a nice hedge and I expect we will see $2000 again for gold.
Nice rising triangle here on the charts to for those into TA and a lovely buy below the 200 daily moving average. All in all a good enough trade here to go long on gold and hold.
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The way I see it, inflation has peaked and the dollar will sell off the rest of the year. That's great for gold as a hedge and with the fed taking a more measured approach rather than ultra hawkish thats good for equities as well. Normally we would expect gold to not do so well if equities are pumping. I don't see equities moving rapidly up though more a measured grinding slowly rise with ongoing worries from the fed about inflation until they eventually take out ATH's again. That should prove good for gold as a nice hedge and I expect we will see $2000 again for gold.
Nice rising triangle here on the charts to for those into TA and a lovely buy below the 200 daily moving average. All in all a good enough trade here to go long on gold and hold.
Leave a like if you agree
Comment:
Gold now back to entry after inflation spiralled all year, lets see whether we can finally get that sell off in the dollar and the gold move to $2000
Trade closed: target reached:
Out of gold here now at $2000. Happy to see what happens next
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
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