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GOLD - Rigged market

업데이트됨

Though we are still in the range it seems the ping-pong game finished.
When you choose gold market to trade you need to know it is a rigged market : everything evolved here is to fleece human retail traders.
The last few days are a perfect example how these entities are influencing the gold market.

On the 18th Aug gold topped at 14:00 and entered into a normal pullback. It tagged the 100 SMA and started to rally again. Exactly 48 hours later gold was attacked. The drop wasn't even enough to tag 1293 it tried to break above 1209 again. But our mysterious seller started to dump contracts again at 14:00 every day for 3 days.
We had an unsuccessful attempt to break down from the range. After this we had 2 free days. Price couldn't rally to the top of the range the seller came again and sold the contracts without waiting for the tag of the upper range. The same attacks were coming for 4 days with one more attempt to break down from the range on the 11st Sept. Gold was allowed to rally again to the top of the range but the 1400 seller came again. We topped in a triple top formation. To be honest a triple top in the range is not a natural pattern.
Clearly they were preventing gold from breaking out of the range. The attacks this time were not enough for tag the lower line of the range . The last attempt to bring gold down was the 18th Sept. After this day the contract dumps stopped. I think our mysterious seller realized that it would be impossible to cap gold against the falling dollar.

If the attack stopped this was the time to break out of the range . I would not try to short it from the top of the range...
Last week's COT shows that large speculators are in a net short position. There will be a big short squeeze when we break above 1210.

노트

So far the drop is still normal. The next 2-3 hours will be the teller if the predator is back or it finally gave up the hunting

노트

.. and it is back again.
Now tell me it is not rigged.
They’ve thrown 30.000 contracts on the market in 10 minutes.

노트

The drop last week was a clear beartrap by now.
We have 2 resistance to break through : 1208 (attacking now) and 1211.38
Once we break 1211.38 the rally will accelerate.

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Tradingview , shall we begin?

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Metals are pricing the dollar collapse.

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Holding the long position.

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The flag just btoke out. I would like to see working bullish patterns here.
Flags, triangles, coils which are breaking to the upside

노트

It seems that is all we are going to get as a pullback. Just a back test of 1215.
So no 1210, no 50 SMA back test at 1200 and no lower low.
This is exactly what I wanted to see : shallow pullback leaving back everyone at the station who didn't buy in the range.

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Holding the long position.

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Flag is getting ready again.
Morning's breakdown sucked in many shorts.
Now it seems we have the beartrap in the flag. Time to break higher.

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Let's see what happens at the upper line of the flag

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A triangle formed indtead of the breakout:

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Triangle clearly in play:

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Last Tuesday Large specs long : 189k . Large specs short:171k. So the longs increased by 50.000 and shorts decreased by 10.000 in a week. Large specs switched to long.

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I hate triangles.