ridethepig

ridethepig | Gold Finding a Bottom

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
๐Ÿ“ The nucleus of the retrace is in the open with a possibility of finding a floor.

The central majority were clearly long into the elections and price got too far forward, or in other words this was a healthy correction which we saw coming miles in advance.



All things being equal we should find quite a strong bid here as sellers unwind their shorts and buyers step back into the market fixing us back towards structural support. Therefore we can see the lows as a necessity to add into 2021 and with risk restraining equities it's time to start looking at commodities in special variations.


Here we also have opportunities in the links to the chain, mining companies. Because why should an idea of commodity shortages not take on the role in equities too from time to time?! For those that remember the Santa rally last year...


Thanks as usual for keeping the feedback coming ๐Ÿ‘ or ๐Ÿ‘Ž
Comment: A quick update here...
Comment:
๐Ÿ“ Twitter: https://twitter.com/ridepigs

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Comments

more likely to 1673 then up to ur target, great share thank you
+3 Reply
Almost... the ending wave c impulse is not complete. c/3/4 or c/4 is running, so we need at least one another leg down.
+1 Reply
Great idea! Thanks for sharing.
I made a connection from Gold to Bitcoin, let's see how that works
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We're going lower on gold. TLT is where you want to be.
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Thank you i considered this as well.
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Buyer at this level as well. Only fears would prevent me to get in. Technicals like ew do not justify it neither. Wave can always be backwarded. Vol looks like picking up today and the market held last night when the downside was completely open. So yes in contract and calls. Thank you for update
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it's depend on 1860, possible rejected once before break up 1860
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Are you sure for long ? Because support zone is broken and new target looks like 1778 and you can check out from my idea , good Lucks
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I am on board with 4th ending around here. 215X Jan 2021. Many thanks Mr RTP. โ˜ฎ๏ธ n respect.
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