Bought some GLD this morning because I couldn't think of any other play, and I'm watching the market drop and bond yields rise. Then I look at the dollar index and saw it dropping too. The Euros are selling off all US assets, that's why the drop happened between midnight and noon.
The 2% "pump" wasn't really a pump, the dollar dropped 2% this morning. (Though there was a 0.5% actual pump before close.)
Gold (in dollars) will break out if the dollar index drops below support (I posted a chart). I've been looking for a high confidence big trade, I'm going big on gold if the dollar loses support, and that can happen as early as tomorrow. Keep an eye on the dollar index, I'll be at work so I will not be posting my trade entry.
Note that it's not really a breakout, if you look at gold futures in Swiss francs, it's not even near the top. Also, this trade does not apply to people trading in other currencies like Euros or yens.
I think Trump ruined confidence in the dollar, the US market, and bonds. If that's the case, then gold is the way to go.
The 2% "pump" wasn't really a pump, the dollar dropped 2% this morning. (Though there was a 0.5% actual pump before close.)
Gold (in dollars) will break out if the dollar index drops below support (I posted a chart). I've been looking for a high confidence big trade, I'm going big on gold if the dollar loses support, and that can happen as early as tomorrow. Keep an eye on the dollar index, I'll be at work so I will not be posting my trade entry.
Note that it's not really a breakout, if you look at gold futures in Swiss francs, it's not even near the top. Also, this trade does not apply to people trading in other currencies like Euros or yens.
I think Trump ruined confidence in the dollar, the US market, and bonds. If that's the case, then gold is the way to go.
Note
Probably gonna buy some tomorrow then add if the dollar losing support is confirmed. Dollar index hanging at 100 right nowNote
Dollar dropped below 100 but bounced back. Short term (3hr and daily) indicators are oversold so we could see the dollar bump up for a few days which means down for gold.I think the support will eventually break anyways, so if you buy and gold dips, just hold it.
Note
The dollar broke support
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.