That's what we needed in gold during the first part of the year to print 3 powerful rallies. (Green rectangles)
I think the same thing is happening right now.
Oil has entered into a steep decline. We might heading down into the DCL. The elections are coming in 8 days and one of the nominees is might getting accused by the FBI.
If that happens that will not be positive for the stocks exchange and the dollar... I cannot imagine a better scenario for gold than pre-election chaos with falling stocks plus falling oil with the weakening dollar... Until the US election gold might print this year's most powerful rally in 9 days.
We need to talk a few words about last Friday. ( Pls see the 15 min chart below)
We had a really good US GDP data. ( Maybe too good... :Real gross domestic product increased at an annual rate of 2.9 percent in the third quarter of 2016 ) What else can we wait at the end of Obama's presidency than a very good GDP data? But the dollar couldn't rally more on the fantastic near 3% GDP number. In the next 10 minutes after the news it bounced and continued its decline. The same happened to gold : a breakdown and a buyback after the first 10 minutes . The unlimited seller was back again and he made a mistake: he was trying to suppress gold against the weakening dollar. He left his fingerprint on the chart. This was the sign that he was working hard... But when the FBI news came out it stopped the selling immediately. From that point this unlimited player was out of the game. On Friday and today gold and dollar was traded inversely I haven't seen any sign of price control. This makes our predictions easier...
We are above the 10 and the 200 . Also last week Friday we regained the 200 and today we are not just closing above the 200 but closing at a higher daily high.
I think in the next few days gold will be driven by the weakening dollar and falling stocks. As money flowing out of SM , oil and dollar it will find its way into precious metals.
It's time for our 50-100$ pop.
I posted it again:
I think I posted the maximum number of posts at the bottom.
At least the haters cannot post that I abandoned my gold posts.
I am don't have new Gold position, but if you are sure that this rally will be continue for near USD 50 more I will buy it. Is it good moment for this with current price near 1300 or have a sence wait when it's come to the down line of current bull flag near 1280 ?
I am closely look to all your posts and most part of it give a profit. May be I am unlucky, but when I follow you I have a loss (it's about current Gold position and about call of first short for NATGAS, when I and you close it with the loss). After that I unfortunately miss your second Natgas short call which currently have a great profit and your posts about Gold long from levels near USD 1250.
The purpose of Arpi sharing his ideas here is not to trade for you or anyone else. He provides a high quality analysis and extremely valuable insights into the general action and direction based on the best information available to him at the time of posting. Yes, he does gets occasionally excited about certain things but I rather attribute it to him being an optimistic individual than anything else.
However, unless you learn how to trade on your own and have your own trading plan, you'll remain destined to lose money. In this case, Arpi's posts will do more harm than good to you as you'll continue taking and closing your positions in complete darkness.
Did I have bad calls? Yes . One of them the Jesse Livermore short but at the end I closed that near to zero before Brexit.
The other one was this gold call in September. Gold was capped in that triangle and banks had broken it down at night. I didn't know they are going to do that... And the short players who made money on that trade - it was only a 3 day drop- explaining how good they were technically predicting that move are still short. And when I will be making money even with my 1337 $ longs they will drop back twice as much money what they've gained on their shorts.
Gold shouldn't have broken down but it did in September.
If you follow me and work with 20-30% margin impact on your account you will be in big profit at the end of the year. Not 800-1000% ( I know people here who are 4-500% plus this year trading with me) but 50-100% for sure. The biggest problem that most people here not using money management. Going all in on one call. Even if you go 100% margin impact in 5-6 vehicles : like gold, NatGAs, Oil, Stocks, Miners at the end of the day the result will be a blown out account. If you go all in gold even at the beginning of an intermediate cycle your account will go to zero. This is a psychological game and every trader have to fight basic instincts like fear, greed etc. If you listen to them banks will turn them against you and you will lose. I'M trying to give to my followers beside the technicals and cycles some kind of psychological knowledge what I was studying in the university and could use it very well during the last 16 years of trading.
So I cant guarantee you that gold will spike up next week. If I could guarantee we wouldn't be chating here I would be sitting in the FED or at Goldman.
Gold is the toughest vehicle. A few banks are controlling the price. If you want to recover your account I suggest not gold but NatGas or Stocks after the elections. It's much easier.
Or oil which is a huge market and one nation like the USA cannot push up or down the price at wish.
Market is a battlefield. Every country trying to weaken their currency for strengtheing their export. The banks are fleecing the retail traders and hedge funds by stop runs and midnight attacks. The brokers are living from you. The algos are searching for your weak points to stop you out, and we are programmed to lose psychologically. If it was easy to make money here every trader would be making millions in Forex.
Long GDXJ and JNUG!!!