Gold is running out of Steam... The Winter is coming
Gold and Silver tend to follow seasonal patterns. If you have been in this market long you know this is a painful time of year for stackers and longs. Although I am a long term bull, a healthy pull back to 1260-1250 is eminent. We might climb to 1300... but we will come down. Down below if 1250 does not hold gold will fall straight through to 1235-1205. It is important to bear in mind that gold and silver are heavily shorted. There is a lot of downward pressure on precious metals. The charts can be deceiving but the trend is your friend
Comment:
It seems that the powers that be are having trouble keeping gold down. Trumps tax plan and its debt implications is seen as a positive for gold. Political tension across the globe from North Korea to Saudi Arabia are a factor. The demand for physical gold and silver from jewelers and the general retail sector is incredibly strong. A close above 1300 would be interesting to so the least
Comment:
say*
Trade active:
HIt 1235 on the button. We had a nice bounce but its time for seconds. I am looking at 1220, 1200, and 1170
Trade closed: stop reached:
whorrry sheeeet Gold on fire