ridethepig | Switched Sides On Gold!
Updated
A masterclass performance from buyers, well done all those holding longs from 1250 and 1350... I know many here who have been riding the pig, that have kept working longs because the market said it worked and it paid! This has been one of the easiest rides in Gold in all my years of trading, the easy part of the rally is now finished.
We are coming to the end of "Santanomics":
Profit taking will begin and with that it was time to begin unwinding all remaining longs and time to cover with shorts. The blind retail coming in and buying this expecting it to go up forever when smart money have been miles ahead, we are just taking profits and switching sides...my regular readers will know this is the first sell idea i've posted in Gold in years...
In any case, a flawless example of a swing to the topside throughout 2019. All targets are cleared and hit with the only exception being 1700 although this looks far away now considering profit taking has already begun.
On the technical side, 1700 is acting as steel resistance above and should cap the highs unless we get panic via coronavirus (not expected till later in the year). The targets to the downside come into fruition at 1600, 1592 and to a lot lesser of an extent 1512 although is currently out of scope. Fading the exhaustion here seems tactical. Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
We are coming to the end of "Santanomics":
Profit taking will begin and with that it was time to begin unwinding all remaining longs and time to cover with shorts. The blind retail coming in and buying this expecting it to go up forever when smart money have been miles ahead, we are just taking profits and switching sides...my regular readers will know this is the first sell idea i've posted in Gold in years...
In any case, a flawless example of a swing to the topside throughout 2019. All targets are cleared and hit with the only exception being 1700 although this looks far away now considering profit taking has already begun.
On the technical side, 1700 is acting as steel resistance above and should cap the highs unless we get panic via coronavirus (not expected till later in the year). The targets to the downside come into fruition at 1600, 1592 and to a lot lesser of an extent 1512 although is currently out of scope. Fading the exhaustion here seems tactical. Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
Note
Eyes on Gold exhausting for the open... Note
Note
Trade closed: target reached
TP1 HIT!Note
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