Past week usd index broke three major resistance and when everything seems to be great(as we are in short position in our group) then boom we saw a massive reversal of usd index,and due to that silver and gold make there strong bullish move,due to involvement of big volume in this scenario we saw such a strong upward move in both of the precious metals,
macro and longer term picture-In short term there is quite a uncertainty in both of the precious metals but if gold makes a bearish move again with a volatile manner then it will find support for instance from 1300 its psychologically important level then it can rally up again and can retrace to our current or even 1350 level,again its a possibility as right now our bias is neutral,second possibility which have a high chance that it can turn out to be true in a matter of weeks you can see prices of gold climbs up to 1350 level based on triangle apex reversal,overall short terms picture seems quite confusing but over a longer term we can see many factors contributing towards a massive decline in gold prices,but right now we want to see more clear signs or confirmation before we open any position in our portfolio,we will open long/short position once everything will be clear,
Things to consider-
-gold almost touched 1300 level and reversed back
-reversal accompanied by big volume and cyclical turning point
-the USD Index broke below the previous February low
-our longer term view is bearish
- we took all the profits from the table instead of just limiting the exposure.
-no open short/long position in gold or silver
macro and longer term picture-In short term there is quite a uncertainty in both of the precious metals but if gold makes a bearish move again with a volatile manner then it will find support for instance from 1300 its psychologically important level then it can rally up again and can retrace to our current or even 1350 level,again its a possibility as right now our bias is neutral,second possibility which have a high chance that it can turn out to be true in a matter of weeks you can see prices of gold climbs up to 1350 level based on triangle apex reversal,overall short terms picture seems quite confusing but over a longer term we can see many factors contributing towards a massive decline in gold prices,but right now we want to see more clear signs or confirmation before we open any position in our portfolio,we will open long/short position once everything will be clear,
Things to consider-
-gold almost touched 1300 level and reversed back
-reversal accompanied by big volume and cyclical turning point
-the USD Index broke below the previous February low
-our longer term view is bearish
- we took all the profits from the table instead of just limiting the exposure.
-no open short/long position in gold or silver
