The volatility is drying up on gold and the range of movement is getting tighter and tighter. The 1300 level has proven to be a zone of indecision and we should not risk and entry until we see a clear direction on the precious metal.
The next trending may be $63 move. Gold continues to trade sideways inside a symmetrical triangle that can break to the upside or downside. The next trending move may be decided by an important economic report. FED’s Janet Yellen is scheduled to speak today, and the FOMC minutes will be released a few hours later.
The gold can be down to 1242 (May be around 1242- 1255 ) than will back up to 1300 before the other big down trend . For Long you can average down to 1242 . For short you better take profit and wait for an other short at 1300 if you dont have stomach . Good luck .
vinabao posted: The gold can be down to 1242 (May be around 1242- 1255 ) than will back up to 1300 before the other big down trend . For Long you can average down to 1242 . For short you better take profit and wait for an other short at 1300 if you dont have stomach . Good luck .
Good point. I still have my short open, I will probably take profit.
Ok . Now It hit 1242 as project . All short MUST take profit now if you dont have stomach . GOLD will should up to 1270 - 1230 before the other big down . Soon this weekend will be war some where in the war ( may be Europ or China east sea .Tension between China & Vietnam is very very sensitive over there .War can start at any moment .This war may destroy the whole world economy because both country are control by crazy dictatorship .Vietnamese communist may shoot the missile destroy Honkong , shanghai ,commercial ships in & out from China ..... ) . Gold will be up soon to 1270 before the war tension is over .
You guys do know that gold is heavily and openly manipulated, probably by the US government who can't give Germany its gold back? The rumour is all the western reserve banks have run out or are close to running out of gold.
All the technical and other analysis are out of the window, so is supply and demand. US needs a low gold price, they will do anything they can to keep it there, while Asia is buying physical everything they can get their hands on.
One day the short will come to an end rather abruptly. Mean time you can't go short and you certainly can't go long, the US can throw as much paper at this as they can print.
Or if you go long it needs to be unleveraged physical, you can't buy paper is it will suffer from backwardation when the poop hits the fan, iow's no one will believe that the contracts can deliver the physical gold. Any real gold gains will be offset by the backwardation if you own paper only. And you certainly can't buy physical in the west, it will be confiscated Cyprus style quite soon I'd imagine.
You lot are basically scratching the lions balls with a short stick.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.