Daily 4hr 1hr What I'm looking for: 1. Retest and reversal from either 3110-3113 2. Retest and reversal from closer to 3100 What I'm mindful of: Yesterday (Asian Session) the trend was near unstoppable. Price was stair stepping up. After each pull back to test previous highs the price would quickly reverse back up to new highs. I'll be looking to see if price action falls into a similar pattern today. Price appears to be in a range since yesterday afternoon. I'll wait for a safer entry near support or for a clear BO above 3130 before looking to enter
reading gold chart is fruitless. comex delivered 6.6 tons of physical gold last month as long contract holders asked for physical delivery. i bet comex went out and grabbed at whatever the price it could.
I don't get your point sorry. People are buying gold, creating more demand. Why would viewing the price impact of that on on a chart be fruitless? How is it different than viewing any other financial instrument on a time/price chart?
Do you see Oil, Bonds and all commodities as macro driven too? DXY is going down. XAU is going up. I still don't see how that makes the price chart useless. Seems to me buying XAUUSD is a great trade. If you don't use the chart to figure out the prices you will buy and sell at, what do you use?
oil is supply and demand, bond is expectations, while gold one would buy and hold, rarely trade. as posted in es thread, i bought 1 oz gold bar every year since mid 90s, never have the inclination to trade.
ok fair enough. I'd say that they are more similar than different Price expectations and supply/demand both drive each other. (chicken or egg problem) If someone expects prices to go up, they will likely buy the asset which increases demand and increases price For something like bonds: If traders expect bonds to go down, they will stop buying bonds, prices decline, yields rise and thus expectations for the wider market as a whole change going forward. It doesn't seem to matter which one leads the other. Price is the only thing that pays As for Gold, it seems to me like a decent instrument to trade currently. Relatively low spreads, no comms, it's getting more volatile each year with a clear upwards, accelerating drift. BTW good idea buying physical gold each year. That must be a nice rainy day stash you've built up