darth.stocks
Long

Gold: shortcovering rally triggered

FX:XAUUSD   Gold Spot / U.S. Dollar
222 6 5
Long Term downward trend line was justbroken and a short covering rally triggered. I think some were caught on the wrong foot since a major correction instead of the c-d 4th wave was expected... Expecting it to accelerate till Mo/Tu. Good luck over the weekend.
Comment: Funny: in the 30 min chart you even see some "significant" resistance from the bears. Maybe the attack will come as usually Friday 5 min's before close or Monday 8:30 at China open when liquidity is weakest. But it will come... If not the sentiment clearly changed!
Comment: WTF is happening...? GS & BofA bullish calls on Gold!!! BofA says long till 1315-1375. I seriously DO NOT agree. Except if DXY plunges to 85-90. Maybe they know it better... Just on DXY, of course.
WTF is happening...? ha ha ha
I have been trading gold since way back 2000 but never seen gold like today. Up 5% on one day!!. yes we have had some good runs before but nothin like this
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Since 2000? Nice, I already thought I was the only one having experienced a FED "rate hike"...
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bracken darth.stocks
1975-1980 we had some significant rate hikes from (don't remember exactly) about 4% to 20%. And during that time gold had it's wildest ride ever, the 2000 -11 gold bull incl.
Paul Volcker was hell-bent to stop gold and eventually succeded. I'd like them to try that (25% ratehike) again! Can you imagine? :-)
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bracken bracken
proof reading ==> rate hike to 20% of course. Disregard "25% rate hike"
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indices need to make new lows as well. gold seem to be a hedge for stocks and dxy going down.
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i agree with this analysis
+1 Reply
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