China is dumping bonds, which naturally brings down the dollar, and at the same time, buying up gold for their reserve.
They move in opposite direction, obviously. But you need to remember this is purely Trump play. It has nothing to do with the fundamentals.
Technicals don't matter right now. Unless Bonds stabilize & the DX stops dropping GC just goes higher & higher but any good news probably crashes Gold. See if today GC drops due to Trump's temporary lifting of tariffs on tech supply chain.
I’m still thinking about the big volume last Thursday night. Since then I remembered a trading course I took many years ago and the guy mentioned things you needed to be aware of in the markets, like the Goldman roll (don’t know if it exists anymore). Another thing he mentioned was that Islamists didn’t conduct business on Friday and would sometimes exit the market on Thursday to reduce exposure on Friday when they wouldn’t be in the office. Is it possible that the gold volume on Thursday night was caused by something like this?
Hello everyone, I'm back! It appears that I went away during one of the craziest periods the market has seen for a while. I'm sure there will be more volatility in the near future so I'm not going to sweat it too much haha Hopefully you all managed to catch a few good trades and/or gain some valuable experience and lessons about trading in such volatile markets. Feel free to share any good or bad trades that you have taken lately. I'm keen to see how everyone has been adjusting to the recent conditions. Going forward I'll be back to my usual routine of posting daily gold charts
Tuesday Daily 4hr What I'm waiting for: Another retest and reversal pattern around 3270. As there have already been 3 tests of the level I am mindful that the next one could the one to break it or at least make an attempt. I will wait for the retest to overshoot below 3270 and then enter long on the (potential) reversal back up.
Hey Sun! Thanks for pointing that out. I hadn't viewed the weekly chart in while. I had noticed that the daily looked over-extended after the big run up from the 9th - 22nd April but seems to be consolidating sideways. My current view is that even after the huge run there is still demand at these high prices. After a complex pullback (at least 2 legs, which it has now completed) the market has reset and is ready to move again. I'm NOT saying it will break above 3370 (hence why I'm not buying near range highs) but I'll keep looking for long entries around 3270 until that level breaks. Here's a messy screenshot (12hr chart) of what I'm referring to: The pin bar on the weekly does look a bit concerning but as long as I'm still seeing bullish signs on most time frames below the Daily TF I feel its somewhat safe to be a buyer. How are you looking to trade it? Been trading any other good markets lately?