Gold RIGHT NOW

Right now I think gold traders need to keep an eye on the 10y. Check out the below charts:

Gold

10y


The 10y keeps hitting resistance at the same level. The two are obviously highly correlated so in order for gold to keep marching higher I think we'll need to see the 10y break out.

Right now.. I'm staying out of gold til there's more smack talkin and drama in global markets.

Right now when I see weekly chart, I see Gold made a spinning top. Indicates some confusion after the rally. A break either side of last week's high or lows would trigger an important move!

Spinning tops are very similar to doji's...they tend to indicate balance between buying and selling. However, this spinning top has a very wide range when compared to other spinning tops on the weekly chart. That indicates volatility, and most tops or bottoms have increasing or very high volatility as traders "jockey" for position.

So putting it together (IMHO). You have indecisiveness (balance) with high volatility in an area that has contained price over the past couple of years. We are at the top of the range. Will the range break? I don't think anyone knows. BUT...if you are a price action trader...this would qualify as a double top...I think?


Looking at the order flow for last week, the buying was contained mostly in the middle of last week's price action...right about where the body of your spinning top comes in. Yet another case for indecisiveness. Selling at the top was relatively week compared to the week before, but there needs to be a solid round of buying (sellers stopping out) to send price above this range. Also note the selling in this same area the last time price was here. Lack of buying...weak selling...volatile price action...its anyone's guess.

Right now, it appears that what happened on Friday was a solid round of selling (consistent with a range top). More selling today looks like the final round of longs stopping out. Buying is no where to be seen, from this view point (daily). I am becoming bearish (right now).

I have set two limit orders to see if price will retest this same area, and I suspect there are more sellers (like me) waiting. I'll keep stops rather close, because if a buying break out does occur, I don't want to expose much of my account to the volatility that will result.

Interesting deduction must I say... I think today was a little depressure.. people expecting rebounce.. but it was just not that hight.. I think it was a nice small depressure.. and that we are about to start sliding slowly through the summer, I think we might confirm this thesis this or next week... Hopefully by the end of the week... so we can slowly drift through the summer, while account builds ups... DREAMS or REALITY (or nightmare?)..

P.S. It will be interesting because some traders are having opened positions forever in this zigzag market.. so they seem profitable.. after 3months of slide...
we will see who is who... because even very WIDE turning radius counter trades will be wiped/closed..

Right now it's looking like Gold/USD will make it back to 1350 before it drops to 1335. Just need a good entry point.

Right now....Gold pops!

Right now I'm still flat, as the market moves leaps and bounds to prove my thesis.

Right now.... I'm out, but got in on that.... demmooooo

What kind of R:R are you looking for?

Right now I got filled selling gold @ 1345. Looking to TP @ 1338.

Right now I see German Zew data and that German economy is falling off a cliff. Would be good for Gold I think.

Right now (just now) I was triggered on one of my gold shorts. The other short was not (yet) triggered. I think Trump's last tweet about china is what gave the volatility to trigger that position.

Right now gold is sliding down a bit. With my current long position I'm hoping for some new trade wars or sanctions. I'll settle for maybe a good Trump tweet or Paul Tudor Jones purchasing a gold Lambo.

Any traders entering gold right now might find themselves stuck in a fairly tight range leading up to tomorrow's FOMC meeting. But, given the recent news surrounding China and Mexico, don't quote me on that!

Right now I closed trade for a nice win on gold today.



Sorting my plans for tomorrow's action.

Right now it looks like something is putting pressure on Gold. Could be serious...

Right back up:

I think the mean reversion trade is in full effect until the FOMC. I'd look to fade any moves like this.

Right now I'm short! Looking to ride this down to the 1341 level.