Looks like gold might try to make a move towards 660. I don't think it'll close above 660 for at least a few weeks. Chart Exhaustion on gold is quite evident. On a pure candlestick view, I think Gold will drop back to 619 in a week or so. Any thoughts from anyone?
A lot of people were sitting on the sidelines waiting for this pullback. A pullback to $640 (spot) is plausible.
I'm getting the feeling of a quick drop to 600 quite soon. I might just get the puts... maybe a little farther out though.
Honestly, there seems to be a fairly strong bid in gold. Technicals (the way that I read them) seems to be on the side that we will be going through highs sooner than later. Any thoughts? As a disclaimer, I am very biased to the buy side. Heavy percentage of my portfolio is weighted towards the long side. My ave price is in the low 6's.
Technical's suggest a good breakout of the current range of 639/647. Many London traders been positioned short waiting for the breakout lower - will only break when the mkt is positioned conversely. very quiet start to the day here so far.
My reason for seeing bearishness is the huge doji star formed a few trading days ago. This is by no means 100% accurate but I generally do not go long when i see a star formation like this until a) Market breaks down b) a solid bar that exceeds the tip of the star.
Honestly, you may want to average down when we blow through your average price in a few weeks...but we should see 550 or so methinks..
I am curious ... do any of you gents trade short term ? lots of volatility to either show alot of green or red on your P+L !! good luck to all perma bears and bulls !!