She works in the Australian mines digging for gold HAHA
1800 is such a key phycological level for gold because it is a nice round number and has been used many times as support and resistance before both on the daily and monthly timeframes, this is where big banks and institutions will either have take profits, stop losses or buy and sell orders set, so a BIG cash injection will come into the markets at this level depending on the traders view of the direction of the trade.
This is why price this week has been undecided, breaking through 1800 and then moving the opposite way, will the bulls or the bears win? I think we might get a little push down off this key resistance level before the bigger move up, the lows of 1680 are not out of reach yet and we could see a push down to these as the big players try to keep the price of gold down to disguise how week the USD is (strong gold price means weak USD) Also more continued money printing means weak USD and i cant see them stopping printing anytime soon.
When gold finally breaks and closes above 1800 bulls will carry price to new all time highs, and i can see that happening towards the end of this year or early next year.
So if you are in gold buys then hold on and it will pay off. Just to recap, i am short term SHORT on gold but long term LONG!
Hope this has helped, if you have any questions then please just ask.
1800 is such a key phycological level for gold because it is a nice round number and has been used many times as support and resistance before both on the daily and monthly timeframes, this is where big banks and institutions will either have take profits, stop losses or buy and sell orders set, so a BIG cash injection will come into the markets at this level depending on the traders view of the direction of the trade.
This is why price this week has been undecided, breaking through 1800 and then moving the opposite way, will the bulls or the bears win? I think we might get a little push down off this key resistance level before the bigger move up, the lows of 1680 are not out of reach yet and we could see a push down to these as the big players try to keep the price of gold down to disguise how week the USD is (strong gold price means weak USD) Also more continued money printing means weak USD and i cant see them stopping printing anytime soon.
When gold finally breaks and closes above 1800 bulls will carry price to new all time highs, and i can see that happening towards the end of this year or early next year.
So if you are in gold buys then hold on and it will pay off. Just to recap, i am short term SHORT on gold but long term LONG!
Hope this has helped, if you have any questions then please just ask.