A very difficult move and recommend passing up this opportunity unless advanced Fundamental skills with analysing FED. The point of this move is a demonstration of how the Gold advance has been too 'steep' and the late buyers should be punished.
Remember the lust to expand came all the way back in , when we traded the lows in the move live together:
The bull trend has bottled up enough energy and its time to start unwinding some of those valuable longs as we start to lose a grip of the 🔑 $1,970 resistance. A lot of inflation has already been priced, Covid risk remains prevalent and will keep the moves limited to the downside. If we can nail the waterfall then our targets should be located at $1803/$1800.
Thanks as usual for keeping the feedback coming 👍 or 👎
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For those in shorts from yesterdays flow, it is a good time to start thinking about trailing stops to $1,970.
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Eyes on $1,930...
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If we are going to test $1,910 it will be with the quadruple witching -> quarterly close flow transition. Eyes here today.
Punished? Traders make or lose money. They don't get punished.
DollarHouseCapital
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@model421, loosen up, just a little bit...or get punished haha, let's have fun in here, this pig is phenomenal bro, premium stuff so let us enjoy the ride!
1930 now marks the 61.8% retracement of the decline from 1958. I think it is a reasonable level to short into and is in line with your sentiment that the decline could take a breather due to the FED this week, right?
DollarHouseCapital
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You nailed it!!!! I think even with the FED in the picture, the USD will continue to show strength. Last week despite a rather dovish FEd USD initially ralied (and you said it would @ridethepig ). Even if the USD pares gains, I think it will be an opportunity to short gold and silver again in line with the current corrective phase in the Dollar index.
PolarHusk
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great setup, thank you for sharing.
vk030172
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Nice chart. Looks like so far your nailing the trend! So you think it is going to 1803?