Hi ETers, I'm calling all you slick chart readers. I like your take on GC futures(Aug 2019). I've been stuck on a swing trade that I shouldn't have entered. Long story short I'm still in it because the daily chart seems to be ok(??). From my longer term chart analysis, it looks like a consolidation then a push to the upside. Obviously, this is a bullish interpretation. But this entire week, every rally has been sold. Seems like a bearish pattern. This has shaken me to the core. However, every single times it gets to the 1415 and below buyers magically appear and support the market then it runs up to 1430s. If Fed does cut next week I can easily see it run back to the recent highs of 1450s. what do you guys think? I'm all open minded and open eared at this stage. Do your TA chart analysis/macro analysis and give me cogent arguments for bull or bear case. I like to hear both. Let the games begin! Thanks! trader99
GC is it's own animal. Remember the severe drop it took today when the core durable goods orders number came in so lovely at 8:30 AM ET? There is zero TA on GC. It is all FA play. Watch your ass when the GDP numbers come tomorrow. P.S. Might as well flip over to the December GC contract. We're nearing that time anyways, for the flip. Just a simple roll.
Wow! You might be right. It's a totally news and macro driven market. These violent moves are so frustrating if you are holding. If you are trading in and out then it's great. Unfortunately, I'm stuck. I feel like I should get out before it gets worse.