Salute guys,
Gold has been extremely erratic recently with a crazy "whipsaw" on Thursday putting bulls out of business. The news about cancelled December tariffs is just a part of the deal. Markets need more details as according to Fox Business correspondent Edward Lawrence (read his last tweets) there are no specific commitments from China on agro purchases (only verbal assertions) as well as request from China side to not make the language of the agreement PUBLIC.
WTF?
Was the Gold tempted to move dramatically lower based on wrong assumptions?
We'll know today as the China is set to break silence holding press conference at 10PM. Watch this time and watch the Gold as the showdown is very close. It's not the end of the show. And it's HIGHLY UNLIKELY that gold will remain unmoved so be ready for the sweeping move.
I allow myself to assume that the deal won't happen again and escalation is inevitable because in the course of trade talks the level of tensions was high and just in a couple of days before the deadline there happened a breakthrough? Can you believe that? I can't so go long Gold because imo its best move in current state of things.
Trade setup:
Buy Gold at current price:
TP: 1490
SL 1459
Play small lots to make sure your equity will survive volatility.
Good luck!
Gold has been extremely erratic recently with a crazy "whipsaw" on Thursday putting bulls out of business. The news about cancelled December tariffs is just a part of the deal. Markets need more details as according to Fox Business correspondent Edward Lawrence (read his last tweets) there are no specific commitments from China on agro purchases (only verbal assertions) as well as request from China side to not make the language of the agreement PUBLIC.
WTF?
Was the Gold tempted to move dramatically lower based on wrong assumptions?
We'll know today as the China is set to break silence holding press conference at 10PM. Watch this time and watch the Gold as the showdown is very close. It's not the end of the show. And it's HIGHLY UNLIKELY that gold will remain unmoved so be ready for the sweeping move.
I allow myself to assume that the deal won't happen again and escalation is inevitable because in the course of trade talks the level of tensions was high and just in a couple of days before the deadline there happened a breakthrough? Can you believe that? I can't so go long Gold because imo its best move in current state of things.
Trade setup:
Buy Gold at current price:
TP: 1490
SL 1459
Play small lots to make sure your equity will survive volatility.
Good luck!