Perseus

Updated Gold Long

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold has been trapped in a range between 1200-1300. Essentially any trade you've made within this range, you will have made profit even if your analysis has been 100% incorrect (which I guess isn't the worst thing, as this could be used as a good learning tool).

Over the past few months, it seems that there's been numerous "fat-finger" incidents, that have continued to occur while gold was gaining momentum. Albeit, over the past few years these selling attacks have had less of an effect on the price of gold . There were 4 days last week where gold rallied through 1270 (even after a "fat-finger" incident), however a series of low volume sell offs in the afternoon gave us consecutive closes in the 66-68 range.

With that being said, gold has made some good strides over the past few weeks. This was the first time we were able to close not only the week but the month over the 6 year bear trend-line. Also, the NFP report was far from as good as the headline number, if I read the report correctly, we actually lost full-time jobs, and the majority of the jobs added were part-time service sector. The DXY was due for a bounce (based on both RSI and MACD ), it won't move through the 95 region imo, and is far from reversing. USDJPY is facing heavy resistance at 111, and I would personally be shocked if it made it through 112.

If you're a long-term investor like me, then any weakness in miners (albeit very annoying, and frustrating) that was caused by the NFP last week, is a good opportunity to buy.

Going forward I see a potential drop to the 1244 area (based on MACD crossing down, and RSI peaking), however based on how gold trades we could overshoot that and drop another $10 (even though the RSI and MACD will have already bottomed). However I strongly believe we aren't going to see aggressive bear action in gold , and the 6-year bear trend line won't be an issue going forward.

Good luck.
Comment: Am I missing something on here?

Is money made being short, worth more than money made being long? Like, if you make $1 being short, does it really count as $2, simply because your short?

Can anyone explain to me why so many people are stubbornly short? Or have been short through 1250, 60, 70, 80....? Even though, there's really no reason to be?

I feel lost.
Comment: You're*

Comments

Well,it is a very cunny and sophisticated propaganda through paid analysts by mortal enemies of Gold : Central banks and their bullion bank proxies..and some people on TV who are in red, because they belived all technical indicators and advisors that gold may go under 1200 level..but it never happened ..and very unlikely to happen in near future....but what is more interesting,in a humble view of an old retired trader, the discorrelation between gold price and junior miners.. as in the past,they do represent at the moment , an incredible opportunity at these screaming prices to enter the PM realm...I do strongly believe that they would be flying soon...and flying very high..
Patience is probably the best advisor at the moment..
GOOD TRADING TO EVERY LONG TRADER!!
Reply
Perseus leonarddavidson60
@leonarddavidson60, Yup, there's virtually a 0% chance that we see sub-1200 anytime soon.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out