I think Gold is breaking down dude. I can call you dude right? This is not the time of the year to short ES, seasonality and all. If you want to be long something "dude", get long some copper on a pullback. That pick came from straight out of the janitorial closet.
Martin Armstrong suggests gold is going down..... This is what he wrote Thursday : Gold has been sending signal that it is still following the pattern we set forth months again. It failed to close above the Monthly Bullish Reversal at 1362 on a monthly basis and then crashed to close below the Quarterly Bullish Reversal in the 1340 zone for the end of September. It elected a Weekly Bearish back at 1275 and now we approach two critical Weekly Bearish Reversals at 1201.50 and 1215.50. Electing both should confirm that gold is headed to new lows in 2017 and that should break the $1,000 barrier as the dollar still rallies. This is what he wrote today : Gold fell on Friday to bounce off of our Weekly Bearish at 1201.50 stopping at 1201.30. The technical resistance for a bounce now stands at the 1231 level. The Daily Bullish stands back at 1231.50 level. We do have a Directional Change coming into play tomorrow and the next important daily turning point will be the 25th. The Weekly Bullish Reversal stands at the 1270 level so only a weekly closing above that area will signal a recovery. Otherwise, we still see new lows ahead. We see this week as a reaction turning point and a choppy trend every two weeks.
Lets compare to see who is more successful. I am sitting on my balcony, in a different time zone mind you, enjoying the view of the beach with a Cubra Libre in hand. You are stuck in a janitors closet trading futures on a cold day in Hoboken. Sometimes you are on the phone touting your so called "firm". Look!!! The bottom line is neither the stock markets nor gold acted as expected after Donald Trump’s epic win. While the former initially tanked in election-night futures trading driving the latter to soar, these violent moves soon reversed on a conciliatory Trump. That led traders to believe the Trump presidency will be nothing but good news for overvalued stock markets, which would likely seriously retard gold investment demand. But no matter how awesome Trump’s pro-growth economic policies ultimately prove, these Fed-levitated stock markets near bubble valuations still face an overdue bear. That’s super-bullish for gold since it tends to move counter to stocks. And Trump’s big-spending agenda is going to fuel big deficits, debt, and inflation for years to come. Investors will flock to gold and gold stocks on balance in such an environment. Its elementary mate and your theories of charts and prop trading firm janitor closet are simply rubbish!
Soros and Druckenmiller reportedly exited Gold when Trump won, or before the election .. so you have a bearish crawl down to support. Most are getting short since its a correlated trade with the USD. A timing point is wait for USD to hit resistance, than possibly get long Gold. Let the FED raise or not raise, then take a position. Dec 2nd.. NFP Dec 15th.. week FOMC Dec 19th.. inauguration Trump will seek to limit supply of oil from state sponsors of terror... oil will rally..Oil at 68 has worldwide effects to also perpetuate Equity rally.
If OPEC cannot come to an agreement next week, oil ain't gonna' rally, IMHO. Especially since Trump seems to be a "drill baby drill" guy, and wants to approve Keystone XL, remove climate controls, expand oil exploration, etc. Just adds more to the glut already in progress.
If you were the President of the USA, and you have numerous resources, to spur growth in the oil industry states, wouldn't you do everything possible to remove supply from your enemies . On top of that Russian economy would benefit immensely, with 68 oil. So all those neo cons/ alt right.. how do you spur a inflationary boom... also label major oil producers who are complicit in funding terror as state sponsors of terror. 28 pages redacted 911 report.. hmm..
I have a feeling that geopolitics is a lot more complicated than that. We can only speculate and ruminate on the sidelines with what limited information we have to work with, as I did in the previous post of mine.
Listen up people! I dont care about charts, your flying saucers, your chutes and ladders and what have you! Just buy gold, just buy it!
Somebody put their life savings in gold at the beginning of the month and is now flailing about with an amateurish pump and dump scheme. Which is doomed to failure because: a. The float of gold is massive and even if everyone on ET spent all their money on gold it wouldn't impact price by more than a couple cents. b. Incoherent rants followed by alternately making fun of a group of people then telling them how much better your life is than theirs generally doesn't compel them to do what you desire. c. Your underlying premise is simply fatally flawed, as has been pointed out by a number of posters here, all of which you've either ignored or bizarrely attacked as living in a small closet in Hoboken while failing to address their point at all. You made a bad call, deal with it like a big boy, dude.