ridethepig | Gold breaking out
📌 ridethepig Gold Market Commentary 21.12.2020
Floor and support building
We have just played a perfectly timed ABC sequence towards $1,800 with all the wanderlust to the sellers who were so full of hope. But there are sometimes subtle differences between a pullback to gather energy (for the next leg up) and a full blown retracement. There may be all sorts of risk storming the macro tale, but no one seems to be paying attention to the economy catching the sniffles. To protect ourselves against the dangers of protectionism and the wandering printer, we should always think about having some exposure to Gold. The timing of which is what defines us as traders.
In this position, the 5th wave in an impulsive sequence towards the topside is an obvious play. Being able to move from the loading zone was our plan as we exposed levels where sellers would want to take profits and buyers would enter in a series of orders. The correct play is continue adding longs, take shelter in the shiny metal until risk dare not come out once more. Here still eyeballing $1,960 for the yearly close and $2,075 for January.
Thanks as usual for keeping the feedback coming 👍 or 👎
Floor and support building
We have just played a perfectly timed ABC sequence towards $1,800 with all the wanderlust to the sellers who were so full of hope. But there are sometimes subtle differences between a pullback to gather energy (for the next leg up) and a full blown retracement. There may be all sorts of risk storming the macro tale, but no one seems to be paying attention to the economy catching the sniffles. To protect ourselves against the dangers of protectionism and the wandering printer, we should always think about having some exposure to Gold. The timing of which is what defines us as traders.
In this position, the 5th wave in an impulsive sequence towards the topside is an obvious play. Being able to move from the loading zone was our plan as we exposed levels where sellers would want to take profits and buyers would enter in a series of orders. The correct play is continue adding longs, take shelter in the shiny metal until risk dare not come out once more. Here still eyeballing $1,960 for the yearly close and $2,075 for January.
Thanks as usual for keeping the feedback coming 👍 or 👎
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