Gold has been trapped in a range between 1200-1300. Essentially any trade you've made within this range, you will have made profit even if your analysis has been 100% incorrect (which I guess isn't the worst thing, as this could be used as a good learning tool).
Over the past few months, it seems that there's been numerous "fat-finger" incidents, that have continued to occur while gold was gaining momentum. Albeit, over the past few years these selling attacks have had less of an effect on the price of gold. There were 4 days last week where gold rallied through 1270 (even after a "fat-finger" incident), however a series of low volume sell offs in the afternoon gave us consecutive closes in the 66-68 range.
With that being said, gold has made some good strides over the past few weeks. This was the first time we were able to close not only the week but the month over the 6 year bear trend-line. Also, the NFP report was far from as good as the headline number, if I read the report correctly, we actually lost full-time jobs, and the majority of the jobs added were part-time service sector. The DXY was due for a bounce (based on both RSI and MACD), it won't move through the 95 region imo, and is far from reversing. USDJPY is facing heavy resistance at 111, and I would personally be shocked if it made it through 112.
If you're a long-term investor like me, then any weakness in miners (albeit very annoying, and frustrating) that was caused by the NFP last week, is a good opportunity to buy.
Going forward I see a potential drop to the 1244 area (based on MACD crossing down, and RSI peaking), however based on how gold trades we could overshoot that and drop another $10 (even though the RSI and MACD will have already bottomed). However I strongly believe we aren't going to see aggressive bear action in gold, and the 6-year bear trend line won't be an issue going forward.
Good luck.
Over the past few months, it seems that there's been numerous "fat-finger" incidents, that have continued to occur while gold was gaining momentum. Albeit, over the past few years these selling attacks have had less of an effect on the price of gold. There were 4 days last week where gold rallied through 1270 (even after a "fat-finger" incident), however a series of low volume sell offs in the afternoon gave us consecutive closes in the 66-68 range.
With that being said, gold has made some good strides over the past few weeks. This was the first time we were able to close not only the week but the month over the 6 year bear trend-line. Also, the NFP report was far from as good as the headline number, if I read the report correctly, we actually lost full-time jobs, and the majority of the jobs added were part-time service sector. The DXY was due for a bounce (based on both RSI and MACD), it won't move through the 95 region imo, and is far from reversing. USDJPY is facing heavy resistance at 111, and I would personally be shocked if it made it through 112.
If you're a long-term investor like me, then any weakness in miners (albeit very annoying, and frustrating) that was caused by the NFP last week, is a good opportunity to buy.
Going forward I see a potential drop to the 1244 area (based on MACD crossing down, and RSI peaking), however based on how gold trades we could overshoot that and drop another $10 (even though the RSI and MACD will have already bottomed). However I strongly believe we aren't going to see aggressive bear action in gold, and the 6-year bear trend line won't be an issue going forward.
Good luck.
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Is money made being short, worth more than money made being long? Like, if you make $1 being short, does it really count as $2, simply because your short?
Can anyone explain to me why so many people are stubbornly short? Or have been short through 1250, 60, 70, 80....? Even though, there's really no reason to be?
I feel lost.