I find there are times whereby 'reading charts' (I prefer reading data, some which has been crunched) is easy/straight forward, and other times there are lots of false signals. Usually at major turning points it gets difficult where volatility steps up. I find gold does lots of dummy moves when turning and for me, I find gold behaves much like fx, frequently breaking thru S/R levels then bouncing hard after that. Theres a lot of verbal diarrhea about gold, especially in Australia, the chatter and gold's promotion is endless, I think it is easy to pull noobs into its orbit to trade, I'd imagine the failure rate is through the roof, moreso than any other commodity. This is what it looks like, but it's a mirage, figment of imaginations, much like a religion.
Today Friday much like US Tuesday, a super red day, no bullish survivors, everything red other than Shorts. Emerging mkts ETF's largely flat. Natural gas stocks were all red but their ETF's were showing green. I see that at times, ETF's running a different direction to the stocks they represent.
Looking at the performance of gold and silver stocks, one may think it has turned into a pile of shit. I remain bullish, buying opportunity. I'm not buying though as I already am holding a shit load of these sea anchors. At least I can say to myself I wasn't stupid enough to buy crypto other than $1k of Crypto ETF - only down 50% so far.
That Gold spike premarket was a piece of shit. This is why I'm not loving miners there is so much manipulation by the banks on Gold and Silver prices.
HaHa, jokes on you Mick. The inefficient noob attracting crypto market is a great way to trade gold. Woke up the other day to find somebody had fat fingered a market order and hit my target of 2026. Stupid me, should have had my target higher.
Ya, I got suckered into gold long ago, it really is a honey trap, enticing at times, then turns very painful. Where I am, (ASX) there are hundreds of gold stocks listed and the media noise on gold is constant, so it's easy to be lured in by the constant hyping which goes on. Not only that, its compounded by where I live which is mining, I live in the mining capital of the world, Western Australia and my previous career employment was mining, so I predominantly trade metals. When gold runs, the returns are a joy but when it turns sour, oh boy! The problem with gold imo, it's aimless, it just waffles around and impossible to know what it will do next. I'm a algo+discretionary trader and I've found its easier and more profitable to avoid gold stocks. A couple of weeks back I sold at a loss a large number of my large cap gold stocks, I just got tired and too irritable with them. Never going back to trade gold. Even if gold does a run over the $2000 level, I'm not going to participate. Gold like crypto are pure speculative, they operate like ponzis, they are driven by hype. Metals like lithium, uranium, copper, iron ore etc have a purpose and are market commodities in demand by industry. I still hold some penny gold stocks, at a loss too atm, they can sit in the bottom drawer, I'll pay them no attention.