Not sure if this is a melt up or not, bit strange that RSI and MFI are moving in opposite directions.
I have a long term position set up, but I'm not planning on doing big options plays unless MFI hits the red line or if I expect the stock market to drop. I might play a little tomorrow for TSLA earnings, lol. (TSLA has dropped so much it's only 2.6% of QQQ, it won't be able to tank the market on its own.)
I think the next big gold movement happens when the China electronics tariff is announced. No idea when that happens. The market is just a guessing game with Orange Man in charge.
In any case, I have a
4K target for gold, don't really care if I have to wait a few months or a year or whatever. This seems like a safer bet than anything else.
I have a long term position set up, but I'm not planning on doing big options plays unless MFI hits the red line or if I expect the stock market to drop. I might play a little tomorrow for TSLA earnings, lol. (TSLA has dropped so much it's only 2.6% of QQQ, it won't be able to tank the market on its own.)
I think the next big gold movement happens when the China electronics tariff is announced. No idea when that happens. The market is just a guessing game with Orange Man in charge.
In any case, I have a
4K target for gold, don't really care if I have to wait a few months or a year or whatever. This seems like a safer bet than anything else.Note
The dollar just hit support against the yen, and gold futures are up 2% with the dollar index not even hitting the low from this morning.Looks like a short squeeze for gold, short positions are the highest it's been in a year. Apparently there are hedge funds and investment banks that short gold futures when it gets pumped up too high.
ycharts.com/indicators/comex_gold_futures_managed_money_short_positions
Now I'm wondering what happens when the dollar actually tanks, lol. Gold is already super parabolic. The way it's acting you think Russia just bombed NATO, lol. (That's a joke, they wouldn't dare. They can't even beat Ukraine.)
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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.