Gold: Strategic Trend is up, buy from 1,260
Gold is setting up for an uptrend in a mid term... area to watch is 1,260 which is the potential area to buy for a longer term swing trade..
ความคิดเห็น:
Alright folks, in this technical analysis, we are not trading yet, we are monitoring the price action of gold, and determining whether the price is trying to dive down towards 1,260. So far, the price has reached this morning around 1,273 and main driver for the prices to come down seems like is due to trade war and Tariffs escalation which will hammer the demand on commodity, which in effect could hammer the gold demand. While, this justification is hard to be tested on the ground, we will have to wait it out till the radar screen is clear. Hence, we stick to our buy target which is 1,260 as of now.
ความคิดเห็น:
The technical are not yet on the extreme oversold area, hence, we expect that we are on tract with gold moving with downward pressure.
ความคิดเห็น:
The reason we like to wait till 1,260 is because thats the area of the Bullish Bat Fib level in terms of proper mathematics that supports the bullish argument.
ความคิดเห็น:
On fundamentals, if you check the DXY chart, its strategically bearish, hence, my expectation on the fundamentals based on the technical analysis of both DXY and Gold is that, there is major risk is being built up in the economic system that is ready to explode.... either in terms of major recession, or something else is about blow up... Hence, taking precaution on such risk that might show up any time, is mandatory at the moment.
ความคิดเห็น:
This is the ideal time to sit on cash, and not do anything but enjoy watching the market drop like a rock... and then enter to scoop out the bargains by locking in the price at the rock bottom like a pro...
ความคิดเห็น:
We are almost there .. I suggest that we do not enter long trade immediately at 1,260 but watch the price action first ... what we really want to see at 1,260 is some serious shake out first before we enter long ... remember , price do not reverse just right of the base and do not fall right off the cliff ... for any reversal , there should be first a confirmation based a serious climax or a shake out on price action
ความคิดเห็น:
In case of absence of any shake out, gold might be heading to 1,200 level... which is now more likely
ความคิดเห็น:
At 1,260 is there was no shake out, this section will be cancelled, and replaced with a new analysis
ความคิดเห็น:
Shake out started , so long trade triggered , excellent Long scalping area on the dips
การซื้อขายยังคงดำเนินอยู่:
Taking long scalps on the dips
ปิดการเทรด ด้วยตนเอง:
Took a one time scalp position, and the closed with minimal profit, because of lack of bullish momentum
ความคิดเห็น:
Stay out of gold, entirely... seems some other fundamental is impacting on the gold price such as change of currency notes in India, where billions of Rupees got burned, due to change in policy by Indian Prime Minister to trap the back and laundered money. Hence, impacting negatively on Indain Jewelry market, which is one of the biggest market globally. So, due to lack of liquidity in India, is impacting lack of demand on gold, hence, lower prices....