I think this is what's going on in gold, a massive blow off top is cooking. I am long via gold mining shares right now, looking to ride the rest of the upswing until we hit the top in about 6 weeks from now, then will likely flip short once buyers run out of money to throw at the yellow metal. Looks like some flows out of equities are heading into gold right now, judging by the price action. Once these buyers run out of ammo it will tank hard, that's my guess here.
Yellow box is the target, perhaps a bit higher than 2011 highs.
Good luck,
Ivan Labrie.
Yellow box is the target, perhaps a bit higher than 2011 highs.
Good luck,
Ivan Labrie.
Trade closed manually
Current turn of events makes me doubt the weekly signal here sending prices higher. I am mostly in cash in my accounts. I will wait this one out, looking for viable short candidates.Trade active
Looks like gold held up well, and will rally here with bonds.Note
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I might rebuy on dips, but watching closely, it could have topped prematurely.
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Note
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Today I got further confirmation that all asset classes topped, yesterday I sold #Bitcoin and crypto positions, today, the action in all markets makes me think we will see the dollar regain strength and markets stage a dramatic crash lasting until next year.
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Not safe to bet against most asset classes, what we saw was likely a bear trap. I have some insurance using options but overall risk on mode until EOY perhaps.
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I think we might get a top sooner, by late Sep/early Oct.
XAUUSD might once again rally from here since it is running out of time to go to the required bearish target outlined by the blue arrow in my chart: It didn't drop sharply enough, as per the weekly uptrend expiring, might go over the recent top before finally collapsing.
If we get confirmation we might be able to buy some #GC futures options. I will publish this trade signal once it confirms.
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Looking dangerous here. I'm not in any gold positions now, but I would not be long...
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Gold is close to a bottom soon: s3.amazonaws.com/tradingview/snapshots/o/o4yNci6T.pngPay attention!
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Bearish trades are better off taken out, as we wait for a confirmed reversal here. We had some big capitulation signals from gold investors today.
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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.