LONG FOLLOW THROUGH IDEA
I don't suggest to enter here I suggest to hold long positions a bit more.
I gave my blessing to all who asked me and closed the longs today.
It was a 50$ rally in a week so time to collect some money from the table.
Actually I don't think the rally is over. The dollar hasn't finished its decline and stocks are breaking down just as I was waiting for this. If this is the case money will be flowing out from other vehicles and will land in the metal sector.
The target price I counted from the pennant is at 1267$. I think we are going to tag at least that level before this daily cycle tops.
Stocks were in a rally mode since the elections. Just like the dollar... Both of them is retracing now.
So it's pretty hard to predict how far this gold rally can go. It might top at 1270 or might rally for days entering into a panic buying destroying all the convinced bears and chasing the late bulls.
That's why I warned every of my followers not to short it here.
The long was obvious. Making money on the short side was just luck this year.
Will I short gold sometimes? Yes. But not now.
Yesterday's night breakdown was just a back test of the pennant's apex. A lot of traders jumped into a short trade...
The TSI and the RSI just got too overbought on the hourly chart : that's the reason we had a tiny pullback at the close.In these cases the 10 EMA is usually catching up the price . I will be watching the RSI : it can stay overbought while price is going higher (blue) or it's turning up from lower (red)
I don't suggest to enter here I suggest to hold long positions a bit more.
I gave my blessing to all who asked me and closed the longs today.
It was a 50$ rally in a week so time to collect some money from the table.
Actually I don't think the rally is over. The dollar hasn't finished its decline and stocks are breaking down just as I was waiting for this. If this is the case money will be flowing out from other vehicles and will land in the metal sector.
The target price I counted from the pennant is at 1267$. I think we are going to tag at least that level before this daily cycle tops.
Stocks were in a rally mode since the elections. Just like the dollar... Both of them is retracing now.
So it's pretty hard to predict how far this gold rally can go. It might top at 1270 or might rally for days entering into a panic buying destroying all the convinced bears and chasing the late bulls.
That's why I warned every of my followers not to short it here.
The long was obvious. Making money on the short side was just luck this year.
Will I short gold sometimes? Yes. But not now.
Yesterday's night breakdown was just a back test of the pennant's apex. A lot of traders jumped into a short trade...
The TSI and the RSI just got too overbought on the hourly chart : that's the reason we had a tiny pullback at the close.In these cases the 10 EMA is usually catching up the price . I will be watching the RSI : it can stay overbought while price is going higher (blue) or it's turning up from lower (red)
Comment:
It's getting interesting.
We have a megaphone forming.
Also a bear trap in the breakdown.
We have a megaphone forming.
Also a bear trap in the breakdown.
Comment:
What time is the healthcare vote?
(EST)
(EST)
Trade closed manually:
Closed manually 75%.
I made enough on this intermediate cycle.
I'm going to close 75% of the long positions today.
I will keep only 25% of a final ride to the target price.
I made enough on this intermediate cycle.
I'm going to close 75% of the long positions today.
I will keep only 25% of a final ride to the target price.
Comment:
Miners!!!
Comment:
Selling the last 25% at 1256$.
I'm flat in gold.
I'm flat in gold.
Comment:
Some things works forever.
Target price completed.
Target price completed.
15$ to target price.