Need to watch the breaking of Support or Resistance, Gold is quite the momentum asset when it breaks through.
Thie recent big move to the left back up, was to fill the imbalance due to a 3- 4 billion dollar margin call, (apparently) last Monday morning, (Even the big boys get it wrong) triggered by a better than expected Jobless Claims on Friday pushing the Dollar up and Gold down.
So Jobless numbers again on Friday, could go either way, the consensus is mixed, also there is the Jackson Hole Symposium which draws 140 central bankers, from more than 40 countries with speeches that can signal important shifts in monetary policy, closely monitored by the big boys, Fed Chairman Powell the key man, important meeting.
COTS report says Comercial traders have been increasing Longs, for a few weeks bit by bit, so pointing higher.
Sentiment Shorts have increased from 45% short at the start of the week to 56% signaling Gold is going higher also, Shorts will just increase as Gold goes higher (if it does) everyone thinking "it can't go any higher surely" silly old Short Sellers Stops supply the Buyers (Banks) with liquidity as they get taken out.
Comex and Trading Economics say Gold will be around $1,960 end of the year.
I have tested their prices before over several months time span and they did work out pretty well. prices were hit, not always on the date estimated though, some quicker some later and they do adjust them throughout the year or the model does.
Also there is inflation and investors tend to buy Gold as an Inflation hedge (Good if everyone has the same idea) inflation in the US is 5.4% year to date it was 1.4 % last year but the expectation is that it will slowly drop from here as the economy, production and internal supply get better.
Delta Variant is a worry 60% of Americans and the majority of most major countries are vaccinated, current vaccines do help ward off Delta with up to a 90% success rate. countries like Australia and New Zealand have strict lockdown from the get-go, but maybe causing a bit of concern hence a flight to safety/Gold.
Blue bars are Imbalances that need to be filled, one day, price will go there first to get liquidity then continue in the opposite direction usually, to fill imbalances just created type thing (In a nutshell).
Be prepared for a pullback down into the imbalance before heading higher.
USD appears to be breaking down over the Trend line, CHF and JPY both strong at the moment again flights to safety Currencies.
Indicators all Green.
But RSi and Stochastics over brought nothings perfect : )
Don't forget when trading at least use BE with 2 pip buffer to cover commission, maybe Trail 10 - 20 pips, hard to find the perfect profit capture plan.
Very Interesting Game
Lets See : )
Thie recent big move to the left back up, was to fill the imbalance due to a 3- 4 billion dollar margin call, (apparently) last Monday morning, (Even the big boys get it wrong) triggered by a better than expected Jobless Claims on Friday pushing the Dollar up and Gold down.
So Jobless numbers again on Friday, could go either way, the consensus is mixed, also there is the Jackson Hole Symposium which draws 140 central bankers, from more than 40 countries with speeches that can signal important shifts in monetary policy, closely monitored by the big boys, Fed Chairman Powell the key man, important meeting.
COTS report says Comercial traders have been increasing Longs, for a few weeks bit by bit, so pointing higher.
Sentiment Shorts have increased from 45% short at the start of the week to 56% signaling Gold is going higher also, Shorts will just increase as Gold goes higher (if it does) everyone thinking "it can't go any higher surely" silly old Short Sellers Stops supply the Buyers (Banks) with liquidity as they get taken out.
Comex and Trading Economics say Gold will be around $1,960 end of the year.
I have tested their prices before over several months time span and they did work out pretty well. prices were hit, not always on the date estimated though, some quicker some later and they do adjust them throughout the year or the model does.
Also there is inflation and investors tend to buy Gold as an Inflation hedge (Good if everyone has the same idea) inflation in the US is 5.4% year to date it was 1.4 % last year but the expectation is that it will slowly drop from here as the economy, production and internal supply get better.
Delta Variant is a worry 60% of Americans and the majority of most major countries are vaccinated, current vaccines do help ward off Delta with up to a 90% success rate. countries like Australia and New Zealand have strict lockdown from the get-go, but maybe causing a bit of concern hence a flight to safety/Gold.
Blue bars are Imbalances that need to be filled, one day, price will go there first to get liquidity then continue in the opposite direction usually, to fill imbalances just created type thing (In a nutshell).
Be prepared for a pullback down into the imbalance before heading higher.
USD appears to be breaking down over the Trend line, CHF and JPY both strong at the moment again flights to safety Currencies.
Indicators all Green.
But RSi and Stochastics over brought nothings perfect : )
Don't forget when trading at least use BE with 2 pip buffer to cover commission, maybe Trail 10 - 20 pips, hard to find the perfect profit capture plan.
Very Interesting Game
Lets See : )
Trade closed manually:
Trend line Broken don't like the look of that, next Support about $1,780 DXY got stronger, turned bullish again.