This looks like the real deal... the trip we are planning for Gold here should be carefully mapped before making the play.
📍 If possible make use of the 'momentum'
Entice the sellers with obstacles inside 1820-1810 rage (a temporary stopover to collect energy). All that before playing the impulsive manoeuvre. Compare also this diagram:
For its own sake, previous 1650 and 1700 resistance became latent support to help plug the ladder. The appetising bulls are now ready to march towards $1,900. An old, old story, but constantly worth playing for those tracking the recession the flows in Gold have been clean and simple for a while.
There is no motivation for sellers and neither a reason to close longs. Buyers are in full control, the advance through $1765 will confirm the move. Lets see if we can get it for the Weekly Closing. With Covid boredom kicking in and retail participation through the roof we have all the boxes ticked to complete the Sovereign Debt Crisis. Smelling a massacre in the coming sessions for Equities, full of energy and arrogance of a second wave.
Gold longs are the gentler approach, a worthwhile virtue.
do you think margin calls on gold will not happen because of lack of retail participation in this market?
ridethepig
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Well not really lack of participation here @ohio323, Gold is actually a retail market mostly because of storage costs. The lack of retail participation was in Equities which now has reached boiling point.
AboveDuality
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That's proper view, i agree on targets! looking for a pullback for now
ridethepig
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Would not be short Gold with what is cooking in Debt markets @AboveDuality
Not everyone has such a beautiful plan. Hopefully that plan in the future
And we will get it