ConfederateTrader
Long

Gold Testing Short-Term Support, Hedge Against FOMO

AMEX:IAU   ISHARES GOLD TRUST
While the rest of the market ran bullish at the end of the previous week, Gold dipped negative, crossing below the 30-day and 50-day moving averages. Prices are currently trading horizontally in the short term with $16 being a support level that has not been broken, despite several tests since mid April.

Low MACD amplitude swings also correlate to a near-term horizontal move as opposed to any breakthroughs, contrary to many other bullish equities. Further, the volume at the latter half of last week did not see a significantly large increase, also contrary to the FOMO activities of the rest of the market. These realities may correlate to investors of Gold being more interested in a longer term safe haven as opposed to short term swing trading.

Go long at the current support level either as a hedge against a potential market correction or purchase medium term call options as a bet on a steady average rise in Gold prices.

Comments

If you are a confederate trader then you must be a trumper and trumpers aren't what you can consider smart. So to be safe, i'm going to omit your whole Idea altogether, but hey thanks for sharing.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out