Gold is on a bear tear!

To be honest I really couldn't say which way this is going to go as it's dropped quite a bit and then just sitting around the same mark.

 

I am short since last late week . Was tempted to cover yesterday at the lows but still holding short. Looking for a healthy Reteracement from this late December rally we had.

 

What are your thoughts atm regarding holding short?
Imo there is no convincing story to being short, saying that, being long atm is also in doubt.
There will be a breakout soon enough, the weight of evidence right now according to me is USD looking weak and gold will continue to push up.

 

I think it will break out tomorrow on USD data at 8:30am EST. Can breakout either way I guess but my average price is close enought to resistance area that im willing to hold and see what happens. I like to think that the market is setup technically before big big news. I tend to trade into the news announcements. If Im wrong I lose a little. If Im right it will be much more than the loss.

Im basing my ideas mostly on Wyckoff Market Cycle type of analysis and right now it looks like its been distributing since mid last week. Could be wrong..but that is trading I guess.

 

Is there any expected news event on horizon that could affect?

 

Those prices are at good levels for the purchase

 

Ye I may pull the plug on the short. Will see what happens tomorrow. I made an error on the news announcements, got the dates mixed up.

 

For those who want to buy gold is a good time, but do not expect large profits immediately

 

Gold is rising made a extra £30 on top of the £30 from yesterday in an hour I suggest buying at this moment in time for a tidy little profit.

 

Erick, I assure you that if you keep it long you'll earn more, it's going to be a trend all year long