camerongill posted: Hey there, gold has been a rocky ride lately, see how it picked up over the weekend. In the last week it has gone from 1470 to 1570! 6 year new high, so looking good for the yellow stuff... I did not get the long trade on this as my conditions were not met.
Ya i know Gold is above 1600.00 crazy it will go down in the next few days, next week
At the moment I am selling off from 1611 and looking into 1595 expecting a major correction for this rally. UJ has made another new high after a considerable time. And FOMC spitted some Dovish Comments in the meeting minutes.
Yes, gold has held up very well and held its ground whilst the markets have been hammered.
Even Bitcoin gapped heavily on Monday's open.
We are going to look back to this time in the future as a major financial/economic/social event. However, the cracks were appearing in the dam wall well before the virus and it was only a matter of time. The next issue is the amount of global debt at central bank and governmental levels.
When are the markets going to bottom out? Who knows, personally I do not think we have seen the worst of it yet.
How much higher will gold go? If the dollar crashes then it is going to go higher. Some gold bulls are talking $50,000 oz, others $100,000 oz. I think if it gets to that level then things will be pretty bad all around.
What has happened to those traders shorting gold at 1600 levels? Either they have reversed their positions at a loss or taken a big hit. This is one of the reasons why Gold Trader - https://www.myfxbook.com/members/camerongill/gold-trader/3398307 - is a buy only strategy, I have found that when gold takes off it does not adhere to standard technical overbought conditions for shorting opportunities. Gold is not forgiving for shorters at the moment. Saying that, the shorters had 6 years of fun playing gold down, now it is the time that the bulls have their turn!