The Overall Trend Doesn't Change: Big Short Set-up still Remains
Updated
Hello traders,
Despite the latest 2 day rally in Gold off the backs of equities rising and record jobless numbers from the US, the overall trend does not change. While this remains an excellent swing trading market, this is not the position to open indefinite longs.
The sharp drop to the 1400 level sometime later this month still remains. The US dollar is beginning to run up to the 105 level that I predicted and this will eventually push Gold down drastically alongside the next wave of selling in equities over the next few weeks.
A short set-up from the 1613-1615 level is likely, *****possibly up to 1620ish*****. Remember, nothing happens in a straight-line both for bulls and bears.
It still remains likely that we re-visit the 1390-1400 at some point (whether intraday or over futures) and this will act as a generational buying opportunity.
Near-Term & Mid-Term (approximations): Fall to 1550; then a bounce; then a fall to 1505; then a bounce; then a fall to 1450; then a bounce; then fall to 1390-1400
- zSplit
Despite the latest 2 day rally in Gold off the backs of equities rising and record jobless numbers from the US, the overall trend does not change. While this remains an excellent swing trading market, this is not the position to open indefinite longs.
The sharp drop to the 1400 level sometime later this month still remains. The US dollar is beginning to run up to the 105 level that I predicted and this will eventually push Gold down drastically alongside the next wave of selling in equities over the next few weeks.
A short set-up from the 1613-1615 level is likely, *****possibly up to 1620ish*****. Remember, nothing happens in a straight-line both for bulls and bears.
It still remains likely that we re-visit the 1390-1400 at some point (whether intraday or over futures) and this will act as a generational buying opportunity.
Near-Term & Mid-Term (approximations): Fall to 1550; then a bounce; then a fall to 1505; then a bounce; then a fall to 1450; then a bounce; then fall to 1390-1400
- zSplit
Note
This idea will remain valid as long as the market stays at or below 1680. While manipulation is heavy in precious metals and short accumulation remains considerably high, manipulation also works in both directions.I am extremely bullish long-term on Gold but investors must be very careful in the 1620-1680 zone.
If this market goes above 1680, this idea will be invalid. If this markets goes below 1580, it will prove itself out.
Thank you.
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