Discussion in 'Commodity Futures' started by Overnight, Mar 7, 2017.
Quite large gold rally on ASX today but I'm not sold. Remaining flat.
Interesting opinion on Marketwatch.
I wouldn't trade on it but good info out of interests sake and how the world ticks.
Dummy? Me thinks
This rally in Gold in the last week is interesting. Dollar Index has basically been going sideways, ES going sideways. Gold Rallying on incredibly low volume. Really confusing.... is money flowing from bitcoin into gold?
Boxing day the Aussie markets were closed, that's when I wished to go long, but a solid gold pop overnight now is making me reluctant to join in, will await a pullback. Aussie gold mkt may open with a gapping up bang, I don't wish to pay premium prices right now.
The gold price signals have indeed been weak which has made it difficult to enter long.
This time of the year large funds may be having a Christmas break therefore lower volumes, but besides that, there doesn't appear to be a lot of conviction in the current rally.
Most often gold will rally on a softer USD, this time it appears to me to be rallying on an anticipated weaker stock market.
Recently I have had a good run with my trades and added to my bank, considering that, I'm not going to get greedy and buy this pop, gold has a habbit of popping, then correcting.
Saying that, this is the time for the Santa rally, stocks may ease off this time and in its place gold may begin a run.
First day of trading for the year and gold has been rising cautiously since mid Dec.
The last 5 trading days has seen gold price gather speed an I'm still sitting on the sidelines.
I missed an opportunity to enter on Boxing Day as our markets were closed but open in USA.
Was very tempted to jump in this morning on open (market opens here in 1 hour) but my reading of things is USD is going to bounce back, so, once more will continue to sit on hands. That's a month out of gold positions. Will continue to evaluate throughout our day and toward close of trade today should know if this is the right decision, hopefully the signal is going to be strong enough to decide.
January is usually a bullish month for gold, however that is not good enough reason to jump in atm.
Got in long finally on ASX mkt close today, 7 gold positions, $30k ea on one acc. & $50k ea on another acc.
A few days late to the party, better late than never.
Nice technical setup for a long here. $1500 looks like a great target. Hopefully it doesn't retest $1200 first.
Golds steady but surely rising today hopefully making a good profit sitting on it for a few days. I'd suggest buying a few ounces.
Certainly wasn't steady today in Australia, ASX gold mkt was hammered, had me a bit concerned.
'Tis never a nice feeling being on the wrong side.
But feeling better now with the USD smack down. Tonight / tomorrow hoping for gold mkt rebound.
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