As mad as it may sound, Gold for me is a short for the next few weeks or even months.
In the face of the 'news', technicals are technicals, and Gold just painted a great big dirty Key Reversal on the Weekly chart, a key reversal backed up by break down of RSI thesis, and the $1380 resistance turned support level, just beckoning price like a magnet.
Full disclosure....I am a long term gold bull. I hold physical gold, and won't be taking this trade. Would rather be a buyer at $1380, than a shorter at £1630........in truth, I really hope this trade fails, but the fact is, their is a 66% probability that it works......so anyone out there buying into all the froth regarding supply issues and QE to infinity, just be aware this is a terrible trade location for thinking about getting long.
(fingers crossed for this being one of the 34% of failed Key Reversal trades)
In the face of the 'news', technicals are technicals, and Gold just painted a great big dirty Key Reversal on the Weekly chart, a key reversal backed up by break down of RSI thesis, and the $1380 resistance turned support level, just beckoning price like a magnet.
Full disclosure....I am a long term gold bull. I hold physical gold, and won't be taking this trade. Would rather be a buyer at $1380, than a shorter at £1630........in truth, I really hope this trade fails, but the fact is, their is a 66% probability that it works......so anyone out there buying into all the froth regarding supply issues and QE to infinity, just be aware this is a terrible trade location for thinking about getting long.
(fingers crossed for this being one of the 34% of failed Key Reversal trades)