In the light of today's huge decline,we decided to move the stop level below our entry point,so at the end we are locking-in some of the profits while giving the space to letting them grow further. please note-The decision we are taking is a preparation for a possible huge price drop,it simply does not reflect the likely outcome. At the moment of writing this update our full 250% net short positions in gold -1.31% -1.65% , silver 0.14% -0.53% and mining stocks are well justified from the risk and reward perspective.
-If you have been following our trades for some in trading view or if you are our premium subscriber.you made a lot of money in this year and you know technical analysis and daily written updates matters a lot but if you haven't you might be thinking why you should even care about these charts and daily updates instead of just watching and observing the real-Gold supply and demand , geopolitical conditions, interest rates and so on. you are making a very novice and dumb mistake because the technical analysis of the precious metals market is clearly justified from the fundamental point of view.
The conclusion-our outlook for Gold -1.31% 0.05% , Silver 0.28% -0.53% and mining stocks is very bearish for the medium and long-term, and it seems gold -1.31% 0.05% is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to 1060.We may touch a local bottom later this month, though and we’ll keep you informed regarding the possibility of seeing a bigger turnaround. more likely scenario- we’ll see some kind of local bottom with gold -1.31% at $1,125 - $1,130 or so.
we will keep you informed anyway
many regards-Neeraj Pandey
Our existing positions ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 12.80
Stop Loss: 15.600
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1080
Stop Loss: 1221 ( 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 0.28% -0.53% 0.13% -0.13% -0.06% -0.26% -0.19% -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).
Trade closed manually
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Closed the position in gold@1180 and silver@14.670(substantial profit)
I enter the silver trade on 8/8/2018 as a short and it has been very profitable. I just keep moving up my sl to lock in profits as I go along. thank you. I am still a bit skeptical about the gold
NeerajPandey
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@franromany_88, we are glad you made profits,keep follow our analysis
LetsBeMillionaire
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1 more thing. I saw heavy XAU puts strike 70 which was bought in 0.15c some time back and today they closed it. they bought big time put exp in 2 days stike 65 with 30k contracts at 40c. Its clear that thiis week its going to bleed big time so i feel 1150 is sure possible. next week there will be little relief in selling but not seeing green. next 2 weeks will tell the direction.
LetsBeMillionaire
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man looks lie u r winning. Gold going down further. It was shorted all time high number of contracts till date. next COT report on Friday will tell. I believe shorts havent even started covering it. might have to wait to go long. lost all $ in SLV calls. Desperately need to find the base where i can go long. Technically all these Stronger $ and metals weaker is total junk idea. its not connected 100% of the time. its all pure market manipulators game. there is not even single green weekly candle. i believe we need to b careful even in green candle. it should cross certain resistance else it will go down further after little covering. now i feel 1120 is possible. 1180 was very strong support but it crossed down in no time. looks like free fall to me.
NeerajPandey
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@LetsBeMillionaire, It's doesn't matter whether we are right or wrong sir but trust me what you are getting in this free platform is a very refined and unique daily analysis which meant for institutional investors, I am in a final part of my CFA exam. Please keep this mind,It's possible that gold might not stop at $1,120 - $1,130, but break below and go right to the 2015 bottom at around $1,050
@NeerajPandey, what happened man. 1180 was on Thursday and informing now? What abt your long position????took any long call or will wait?
NeerajPandey
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@LetsBeMillionaire, yes brother informed the traders to close their position in telegram but was not able to send here, However new post has been published
NeerajPandey
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@LetsBeMillionaire, please read the mentioned analysis,this might clear your doubts