Looking for a breakdown in Gold the first week of July with a target just below 1180. There will be some panic selling hitting gold very soon.
Monday July 3 and July 5 will be important timing days.
Good trades to you!
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The selloff has started. The first hurdle is near. I read that some expect a bounce. If there is a small one it wont be sustainable.
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short term target 1213.45
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Wednesday is a panic cycle day. We may begin a bounce until Wed and then have a strong sell day. In a fast moving market sometimes it is best just hold the short rather than try to play every turn.
You could take 1/2 off and look to re-short.
I am just going to hold
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A very positive day for the gold short. I am looking for the selling to increase on Wed July 5
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The bounce as expected. but seems week. I would like this to bounce a bit higher then fall hard on Wednesday
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Lets try that view of the bounce again.
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Expected bounce is almost finished in my opinion:
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Not the best finish for the day if you are short. Taking a look at the weekly we are still in good shape to hold the short. I still feel we are not done with the push down
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Trade closed: target reached
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will look to re-enter if this breaks down but taking profit ;) as i expect a bounce
Hey what is the target for this bounce of Gold do you think before the final turning down around 1170-1180? thanks
psp
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@bingwu, About 1226.80 on Gold Futures is the resistance - any close above is not a short anymore
lantao517
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Do you expect a short & weak bounce, or a big one
psp
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@lantao517, I expect a bit of a bounce but the trend is still down. Gold and Silver are still consolidating and Gold futures nearly broke $1,206.60 the Bearish resistance stands at $1,206.30. That is an important line right now. Good trades to you.
lantao517
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@psp, Dear, as leading indicator XAG plumaged a lot, and GDX/GDXJ, which are also leading indicator, not finish panic selling yet, I am tending to trust that ICL around 1270-80 to be tested this time before end of July
psp
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@lantao517, Yes it seems like there is more downside into July as any buying is quickly sold off. A close below 1206.30 on the gold futures will be bearish.
psp
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The expected bounce is almost done in my opinion.
psp
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Many expecting a small bounce here....options...#1 sell 1/2 and short again on a small bounce....option #2 just hold the short patience pays don't get caught wishing you hadn't covered ;)