Traders, gamblers and the rest of the financial market riffraff, I salute you. What an awesome week it was, raining pips all over the place in goldyland and we scooped it up and down like we have been working in a gelateria in one of the alleyways of Rome.
The coming week will be decisive for gold as we have been stuck in this beautiful range for too long and we are nearing the end of the apex of the triangle. The volume is increasing, the moves are getting bigger by the day, you can feel the tension building up in the charts. Time to dig in the charts yo.
So let's start with the latest COT-report. Strongly bullish is all I can say. We have a record-breaking 340k longs opened in total on gold with 13k new longs opened last week by large speculators!
As we all know, the large speculators (hedge funds, banks) are the real market movers as the market is mostly driven by speculation. Basically what this means is that traders are speculating on a Trump victory as the dollar COT report looks mildly bearish again with 2k longs closed but no shorts added.
Now the confusing part... I personally expect a bullish dollar in the coming weeks, as we are nearing the Monthly bullish defenseline again for DXY and the risk remains high on stocks, but I am also bullish on gold on the medium term. What to make out of this mess? We simply follow what the market is giving us on a weekly basis.
For the coming week I expect some minor downside for gold to 1870-1880 so goldy can finish wave 2. This is an awesome buying opportunity for 1965. If the volume is high enough and if we get to see a stimulus deal agreed upon combined with the re-election of Trump, the bulls can push it through to 1993 without even looking back.
A one way rocket to heaven. A supersonic Maglev bull train. A raging bull on steroids. Well you get my point... Basically what I am saying is, this is a trade not to be missed.
Enjoy your weekend and don't forget to spend some time with your loved ones. The weekend is a precious time for traders to re-energize and the only time for most of us to spend it with the people we care about. Spend it wisely.
Abbracci,
Cesaro
The coming week will be decisive for gold as we have been stuck in this beautiful range for too long and we are nearing the end of the apex of the triangle. The volume is increasing, the moves are getting bigger by the day, you can feel the tension building up in the charts. Time to dig in the charts yo.
So let's start with the latest COT-report. Strongly bullish is all I can say. We have a record-breaking 340k longs opened in total on gold with 13k new longs opened last week by large speculators!
As we all know, the large speculators (hedge funds, banks) are the real market movers as the market is mostly driven by speculation. Basically what this means is that traders are speculating on a Trump victory as the dollar COT report looks mildly bearish again with 2k longs closed but no shorts added.
Now the confusing part... I personally expect a bullish dollar in the coming weeks, as we are nearing the Monthly bullish defenseline again for DXY and the risk remains high on stocks, but I am also bullish on gold on the medium term. What to make out of this mess? We simply follow what the market is giving us on a weekly basis.
For the coming week I expect some minor downside for gold to 1870-1880 so goldy can finish wave 2. This is an awesome buying opportunity for 1965. If the volume is high enough and if we get to see a stimulus deal agreed upon combined with the re-election of Trump, the bulls can push it through to 1993 without even looking back.
A one way rocket to heaven. A supersonic Maglev bull train. A raging bull on steroids. Well you get my point... Basically what I am saying is, this is a trade not to be missed.
Enjoy your weekend and don't forget to spend some time with your loved ones. The weekend is a precious time for traders to re-energize and the only time for most of us to spend it with the people we care about. Spend it wisely.
Abbracci,
Cesaro