Gold looking good for buys looking at it on a 2 hour chart looks good to me.
I'm remaining long from this signal given on the 6th of last month. Currently floating +10.35% from this position-- un-marginalized. The margin account used for this trade risked 2% for a +21.034%% current floating gain on this long. Stoploss has been and is remaining just above entry.
Correct me if I'm wrong.
The correlation between real yields and gold price is well known, has strengthened since 2018 and in many ways works a lot better than e.g. the one with the M2 Money Stock. The (speculative) overshoot in gold in August 2020, very much like the one in August 2011 has corrected. Assuming the correlation remains strong, further price action in gold will depend on...
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You need to be paying close attention to the Dollar. We have some history written right on the chart if we'll just take a moment to interpret it. My interpretation might be different than yours but that's why we share our ideas.. and it would be a boring world if we all thought the same way. I don't watch the Dollar very often but I see very obvious price cycles...
That's why you always diversify. I'm natural right now. Not shorting, not long, not buying or selling.
My bias remains long for both Commodities and I will continue to add positions on drops like today.
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Unless OANDA:XAUUSD would be sticksaved in the upcoming hours, we are likely witnessing start of downtrend which may bring metal as low or 1700$
There is likely going to be a correction within the next 5 days, the question is where will the market go after that and is the gold going to push for higher highs. My idea is that the correction will cause a bullrun in gold and potentially silver. The Tech companies are likely headed lower during the next two weeks. Gold on the other hand might keep above 1908 USD/OZ.
Long SIlver / Gold . Chart speaks for itself. We are going to see a massive retrace soon. Mark it
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The dollar might be running up for the last time before it finally crashes.
Has gold ended its corrective wave and looking to make move up or is there more correction to come?