So I managed to dump my GLD holdings Tues premarket (left a comment on one of my posts Tuesday morning) because I realized that gold was doing a three drive pattern, got a pump at the end which started to sell off premarket. Not to mention, it had hit the target I posted with the big green arrow.
Also, we have confirmation that my 3 hr indicator does work on GC, it bounced when MFI hit my red line. Did not play it, and it's a pretty weak bounce. GC isn't behaving the same as it did on its way up, I think there are bagholders that bought on the way down that are selling now on the way up. Every pump pump just gets sold off, there were some pumpers afterhours today, but that pump sold off and looks to me like it wants to go red tonight.
Going to wait until I see a big move before I play this again. I think the only reason why it's a little green tonight is because they're pumping commodities, and gold is a commodity. The Euros might sell it off though, seems like they are always the sellers, guessing the gold algos are mainly run by them.
I don't plan on shorting but if you do, the time to do it is when MFI hits overbought.
Also, we have confirmation that my 3 hr indicator does work on GC, it bounced when MFI hit my red line. Did not play it, and it's a pretty weak bounce. GC isn't behaving the same as it did on its way up, I think there are bagholders that bought on the way down that are selling now on the way up. Every pump pump just gets sold off, there were some pumpers afterhours today, but that pump sold off and looks to me like it wants to go red tonight.
Going to wait until I see a big move before I play this again. I think the only reason why it's a little green tonight is because they're pumping commodities, and gold is a commodity. The Euros might sell it off though, seems like they are always the sellers, guessing the gold algos are mainly run by them.
I don't plan on shorting but if you do, the time to do it is when MFI hits overbought.
Note
If the Fed does cut rates, then the dollar will drop because of that. Ultimately, I still think gold gets to 
4K, but like I said, I want to see a big move before I play it. Acting really strange tonight. Rate cuts are bullish for gold, but usually doesn't involve huge movements like we've been seeing on the dollar tank and Trump fear.Note
And there you go, gold just went red, the Euros seem to be in control of gold. They're also pumping the dollar index, so there's that aspect as well. Seems like when gold drops, it's always because of the dollar pump.Note
Note: There's a gap in the dollar index that needs to fill so shorting gold won't be a good idea.
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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.