Hello fellow traders! After short brake of resting on sidelines and waiting for a option for Short position, the chance has arrived and I am opening another Short position looking for 17th profit in a row on Short positions. Gold was once more used as a safe haven due to the turmoil on the stock markets and has gained considerably and disproportionately to DX. Clearly, I can say with certainty that this is not the fair technical value of Gold (#1,222). Gold has started pulling back on Hourly 5 chart as global stock indices began to recover a big portion of last week's losses. Dow Jones just went above its 50% Fibonacci level but Gold is still above its 38.20%. This is expected as Gold is always lagging on similar situations when stocks recover and Gold parked capital is invested back into the equity markets. Shortly, I expect to see #1,219.40 first then more down, Shorting to Gold's fair level around #1,190-#1,180.30. With DX above 95.50 at +0.55%, Gold should not stay as high if the stock markets continue to recover. I need to mention again that the USD price movement should always be considered and such imbalances between correlating instruments should always be taken advantage of. Gold acting as a safe haven these last few sessions is a fantastic short opportunity which I am utilizing to its maximum. Will Short it all the way (minimum 3 sells) to #1,180.30. Who follows me, Good luck my fellow traders and let's hope for new profits in a row. Take care!
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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.