Gold Update: The Long & Short of it....Have You Taken Your Profits?

in money •  5 months ago


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Which formation do you see first graphic?
I think the double hill movement. The second hill is a fake or bear trap it has started to fall and will go to the support point.

@haejin can you tell if the wave formation of C pattern in the chart starts then what will be the result in the market ?


I believe C has already started and that means a five wave impulse down. This will take most gold bugs by surprise and will cause lots of losses for those who didn't take profits.

no f'ing way, man. we're talking about gold, right? the rare earth metal that has been a barometer of wealth for centuries?


Yes, I know this is a shocker to all gold bugs. However, sentiment is what drives price and perhaps there is better "gold" out BTC and money transfers can happen. There are many news and events possibilities.


Your TA is muddied with fundamental analysis I see :P it's definitely a possibility (probability no) that prices are driven down to 600$ but have you ever taken into consideration GOLD as an equity derivative, and physical gold - they're two different markets

Don't buy gold ... buy MOON BONDS!

Got to completely disagree with this technical analysis. Have you ever considered the volume of contracts being traded by these HFT machines versus the actual physical? The silver volumes traded are simply rediculous compared to annual physical production. This just proves to me the market is broken. Rumour has it that banks are once again refusing to deliver customers' allocated gold held in vaults. Taking into account we are into the summer doldrums and the Indians do not start buying until late Aug/ early September the price action may be sideways for some time. However still expect a bounce post non-farm payrolls. The recent action is surely all about going long the index and shorting golds/silver, but nothing to do with the price of real physical metal.