I will be a bit late to the party with this long idea but as I see we have too much gold short idea in Tradingview right now.
Will all these retail trades make money on the short side ?
I doubt.
If you short gold you have to be ready for a 100$ upward move in the following few days. The stock market is slowly topping out and liquidity - at least some of it - will move into the precious metal complex.
Silver will be a winner in this but I don't think gold will fall or stay in a range in the next 2 weeks. I see a big chance it's going to test the 2011 summer high.
Plan accordingly.
Will all these retail trades make money on the short side ?
I doubt.
If you short gold you have to be ready for a 100$ upward move in the following few days. The stock market is slowly topping out and liquidity - at least some of it - will move into the precious metal complex.
Silver will be a winner in this but I don't think gold will fall or stay in a range in the next 2 weeks. I see a big chance it's going to test the 2011 summer high.
Plan accordingly.
Note
Gold is underperforming silver just as I expected. The reason is the XAUXAG ratio:It’s doung its job just any other asset.
Note
Gold just tagged the bottom of the bull flag rectangle as RSI got oversold and printed a nice rally today. We are going to break out of the rectangle and run to 1900.
Note
XAUXAG ratio lost the 200SMA . After a successful backtest today it’s heading lower. I still think silver will be stronger than gold at the end of this intermediate rally.
Note
XAUXAG drops again today.Note
Gold is trying to break out.Note
Breakout completed. Target 1900. Note
Actually I see nothing between 1823 and 1900... so this might be a fast 2-3 days moveNote
We are getting close to the target price.Note
I think we are going to test the all time highs this afternoon .
Note
Eveb if we break out I’m going to sell into the panic buying and stop run as this intermediate cycle is close to the top.Note
Almost there.
Trade closed: target reached
Note
New all time highs.Note
We might have topped a bit ahead of 2000$. Note
When all the goldbugs started to chase the price , everybody who didn’t buy at 1800 boght in the hope of breaking 2000 for an immediate run to 3000$ in the heat of the night smartmoney dumped their gold to these poor people.
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Disclaimer
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.