For those who have been following our previous idea (see related posts) you will already know we have been tracking this leg to the upside since 1200. We are finally starting to run out of steam for this initial leg and it is time to start looking for positions on the retrace.
Initially we attempted shorting this before the market ran away without us. So in this second attempt we are positioning for exactly the same flow.
=> Inflation will begin to return in parts of the world later in the year (homemade) ...assuming we can clear risks on the US & China trade front then the stage looks set for a test as low as 1225 before any further meaningful upside ... would expect this to begin happening with an earnings recession towards Q3/Q4 this year.
Good luck to those on the sell side here, we are being aggressive with the trigger in attempt to outsmart the beginning of a very large leg ahead of inflation data next week from the US.
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First TP hit, great job guys.
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Asian open should give us the secondary targets.
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Brilliant, second targets hit! Well done guys.
Trade closed: target reached
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Bonus points for those who spotted the unmarked 1286 :)
nice catch. especially with a Fed that has an itchy trigger finger right now.
ridethepig
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@maxw3st, Thanks mate and agree more hikes coming just a matter of when. Expecting a move in Q3 which will coincide with the end of this leg down in gold.
InvestingScope
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Good job. We are bearish too but with a slightly higher entry: