QUICK NOTE-This post is a quick notification to let you know that today's quite share move higher is not a big-deal-it seems to be just an emotional overreaction to Powell's speech. The important thing to note is that while proxy for silver(SLV) is stronger than mining stocks(GDX)-the former is above this week’s intraday high, while the latter is not. That's a strong clue that this news-driven(emotional move) sharp move is just a pause in a decline.
our outlook for the precious metals market remains very bearish.
we will keep you informed anyway
many regards-Neeraj Pandey Our existing positions ASSET--XAGUSD
Sell Limit Price: 14.900
Take Profit: 12.80
Stop Loss: 15.560
ASSET-GOLD
Sell limit Price: 1185
Take Profit: 1080
Stop Loss: 1221 ( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver -0.07% 0.07% -0.53% 0.13% -0.13% -0.06% -0.26% -0.19% -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
Comment
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We are moving the stop-loss level for gold a bit higher ASSET-GOLD
My Friend. Just wait for COT report and see how many are LONG contracts. Butt hat will give picture as of last tuesday. Today was 1st short covering rally. We will see little dip for sure. But thats the tiem to load CALLS.
see above link. I kind of agree more with him than u. i havent see any dip below 1180. If gold is so weak, it should have gone down to 1160 again but it didnt which confirmed that selling may not happen more. Looking at past chhart and candle patterns, i can clearly see that this is a start of rally. but will sure see some profit taking here. best interesting part would be next Friday's COT report. and Rally will spike super high. The target you are telling is way optimistic. Even if you tell 1120 is logical looking at history. But 1120 really looking impossible looking at all political news and market at all time highh. Inflation high. fake job reports supporting market. as soon as it starts falling, watch out.
NeerajPandey
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@LetsBeMillionaire, we will respond brother once we will close the position(whether profit or loss),stay tuned
LetsBeMillionaire
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@NeerajPandey, i still feel gold may loose steam here.it was way oversold so just was minor correction. But if next week is good, short covering will start. Lets see how nxt week goes. For now looking bullish. Lets see how is it starting nxt week. 1218 is another resistance. if crossing it then will spike up to 1245. else u turn from 1220.
LetsBeMillionaire
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@LetsBeMillionaire, if goes down next week to 1195 levl i will go long short term till 1220.
NeerajPandey
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@LetsBeMillionaire, we'll not recommend you to do that especially if it goes down next week to 1195 level, you may see a big slide from there in a very rapid manner, However, it's your call at the end, for the short term it may work
see above link. I kind of agree more with him than u. i havent see any dip below 1180. If gold is so weak, it should have gone down to 1160 again but it didnt which confirmed that selling may not happen more. Looking at past chhart and candle patterns, i can clearly see that this is a start of rally. but will sure see some profit taking here. best interesting part would be next Friday's COT report. and Rally will spike super high. The target you are telling is way optimistic. Even if you tell 1120 is logical looking at history. But 1120 really looking impossible looking at all political news and market at all time highh. Inflation high. fake job reports supporting market. as soon as it starts falling, watch out.