ridethepig | XAU Market Commentary 2020.02.14

The poor sellers! On a move they had to defend, they failed miserably and now buyers are off on their journey! Any sellers now will be perish, we can continue the destination towards our 1600-1610 first target area. For those tracking the initial leg from the PBOC defence, the very lows at 1550 where sellers bit into granite:

You notice how fluid the move is, it is unidirectional, you just know the direction is right. There is no unpinning at all, all dips are treated as gifts and you will notice the next addition to the account:

Happy wife.. Happy life..

The threat to take 1600 next week is on, buyers look ready to occupy with a round of bad news over the weekend re: coronavirus and a combination of reflationary risks make the move expected.

I do not believe the energy stored in sellers can suddenly appear without a significant change in drivers, the demand will just be there because of the climate we are in. All blocks are being bought, there is no question in the movement, only the timing. In any case, i will wrap it up there.

Thanks as usual guys for keeping the likes and comments coming... I hope you are all enjoying the ride!

Comment:

A quick chart update here as we approach the critical support...

Comment:

Eyes here for the close...

Trade closed: target reached:

$1600 TP Hit !!

Trade closed: target reached:

$1610 Cleared!!