At the moment of writing this alert our full 200% net short position in gold, silver and mining stocks are well justified by the risk and reward measurement. Yesterday USD Index declined to new weekly lows in intraday terms and we saw a small rally in gold, silver and mining stocks, The HUI Index also invalidates the previous breakdown as it moved back to its 61.8% fib retracement. If you have enough experience trading PMs you can see the gold chart in terms of yen and euro which makes it quite clear what's going to happen soon. Big decline is coming on our way and it seems that the correction could already be over. Overall it seems that we are going to take the massive profit out from our short position.
We are already in profit but it seems we are going to take the massive profit out from our short position.
Our existing positions ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 14.42
Stop Loss: 15.700
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1142
Stop Loss: 1275 ( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver -0.84% -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
Usd debt will not let metals go down, this is going all the way UP
NeerajPandey
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@NITZRAM, let's see we are not biased to sell position but right now our analysis suggesting us that Gold, silver and mining stocks are going to plunge significantly and our short position will bring more profit out of the table, we do the daily analysis for PMs so if anything will change we will update you
kaotic363
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Current move and pattern looks very similar to Nov/Dec 2016. If it plays out, then within the next 4 weeks, XAUUSD will be going down another $100
NeerajPandey
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@kaotic363, yup our outlook for PMs are extremely bearish right now, we also got some more confirmations from mining stocks and platinum-(more on this in next update)
kaotic363
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@NeerajPandey, Yes indeed.. HUI just broke its March support (major) and platinum which tends to lead gold has been extremely week and barely holding onto $800. While we should see strong summer rally in PMs at some point it will likely just prove to be a good short entry for end of year disaster in PM complex..