Not sure if this is a melt up or not, bit strange that RSI and MFI are moving in opposite directions.
I have a long term position set up, but I'm not planning on doing big options plays unless MFI hits the red line or if I expect the stock market to drop. I might play a little tomorrow for TSLA earnings, lol. (TSLA has dropped so much it's only 2.6% of QQQ, it won't be able to tank the market on its own.)
I think the next big gold movement happens when the China electronics tariff is announced. No idea when that happens. The market is just a guessing game with Orange Man in charge.
In any case, I have a
4K target for gold, don't really care if I have to wait a few months or a year or whatever. This seems like a safer bet than anything else.
I have a long term position set up, but I'm not planning on doing big options plays unless MFI hits the red line or if I expect the stock market to drop. I might play a little tomorrow for TSLA earnings, lol. (TSLA has dropped so much it's only 2.6% of QQQ, it won't be able to tank the market on its own.)
I think the next big gold movement happens when the China electronics tariff is announced. No idea when that happens. The market is just a guessing game with Orange Man in charge.
In any case, I have a
4K target for gold, don't really care if I have to wait a few months or a year or whatever. This seems like a safer bet than anything else.Nota
The dollar just hit support against the yen, and gold futures are up 2% with the dollar index not even hitting the low from this morning.Looks like a short squeeze for gold, short positions are the highest it's been in a year. Apparently there are hedge funds and investment banks that short gold futures when it gets pumped up too high.
ycharts.com/indicators/comex_gold_futures_managed_money_short_positions
Now I'm wondering what happens when the dollar actually tanks, lol. Gold is already super parabolic. The way it's acting you think Russia just bombed NATO, lol. (That's a joke, they wouldn't dare. They can't even beat Ukraine.)
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.