A couple of weeks ago, I published an idea in which I was bearish on gold. However, gold has refused to fall. In fact, the dollar has fallen sharply and gold is acting as if it is being absorbed for a higher rise. Of course, I'd like to see gold take out 1375 before I get too bullish but as of now, this is no market to bearish of. Probably the best move for the time being is to sit on your hands and wait for gold to break out.
If I had to do make my initial call over again, I'd say the exact same thing still because the price behavior that was being shown by gold at the time is usually indicative of a topping market. Gold's current price behavior is something that I've seen countless times on intraday charts and it indicates that gold is about to spike up sharply.
@MoneyTrust ... Hey Buddy... whats your thoughts on Gold (Silver)??? Im heavy long with Gold so I guess its a matter of waiting it out. Thoughts/advice would be awesome. Cheers
CarterBoyFX
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@gaptraderhq, I hate it for you if you're long gold. lol. I eventually ended up going back to my original call, to be honest.
gaptraderhq
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@MoneyTrust, Thoughts on current levels & where we are headed? Thankyou.