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Gold RIGHT NOW

  • #361
  • Jul 26, 2019 3:37am Jul 26, 2019 3:37am
Gold:

Update of the Elliott count of post #323.

Sixer
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  • #362
  • Jul 26, 2019 8:41am Jul 26, 2019 8:41am
Gold right now seems to be testing the 1423 level. Can't decide if it wants to break higher.
If in doubt, paddle out!
  • #363
  • Jul 26, 2019 10:04am Jul 26, 2019 10:04am
Quoting SurfsUp
Gold right now seems to be testing the 1423 level. Can't decide if it wants to break higher.
Buying is supporting the low of the week (made yesterday) and it appears this buying is balancing yesterday's selling.
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  • #364
  • Jul 26, 2019 1:18pm Jul 26, 2019 1:18pm
Are you counting the possible USD getting stronger by the day in.. at least compared to eur?
If so, would be better, assuming that.. better to buy XAU/EUR? It has been rising heavily... still is...
What do you say? I would bet on the extrapolation.. aka things going the same way... for the next 3m at least..
The only question, at least to me, is how much % are we talking about... am thinking eurusd hitting 1.10 in 3m.. or even PAIR if things get really messy..
FED is not out yet, ECB already put printing machines in the standby, prepared for overdrive...
Can you afford to take that chance?
  • #365
  • Edited 3:13pm Jul 26, 2019 1:41pm | Edited 3:13pm
Quoting auricforecas
Trump's tweet might be interfering again (implying lower rates or easing or devaluation...)... TRUMP (supposedly wanting weak dollar, which I do not believe I think he is just hedging.. in case USD goes south, he can say it is a good for (export) economy... In case it goes UP he will say it is a sign of strong economy and trust in USD Not being political or anything, just saying that whatever he tweets... the market will catch out the reality which I BELIEVE is... USD getting stronger at least for the next 3m, but will...
Well finally some good ECHO...
https://twitter.com/LiveSquawk/statu...y-intervention

https://www.metalsmine.com/news/9361...y-intervention

Compare to my post above...
Can you afford to take that chance?
  • #366
  • Jul 26, 2019 10:07pm Jul 26, 2019 10:07pm
Right now I'm thinking gold's in store for a quiet few days. I doubt many traders are going to want to initiate new positions ahead of the FOMC next Wednesday so we're probably in store for some range bound trading.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #367
  • Edited 10:00am Jul 29, 2019 9:12am | Edited 10:00am
Quoting Ef5
Right now I'm thinking gold's in store for a quiet few days. I doubt many traders are going to want to initiate new positions ahead of the FOMC next Wednesday so we're probably in store for some range bound trading.
You are correct up to the point of RIGHT NOW...I'm seeing what I term "a stable range". Selling at the top, Buying at the bottom. Nothing to see here...move along. I imagine tomorrow will be quite volatile. Still holding short though... By Friday I'll either look like a moron or a genius...anyone care to place a bet which?
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  • #368
  • Jul 29, 2019 9:19am Jul 29, 2019 9:19am
Quoting DonPato
{quote} You are correct up to the point of RIGHT NOW...I'm seeing what I term "a stable range". Buying at the top, selling at the bottom. Nothing to see here...move along. I imagine tomorrow will be quite volatile. Still holding short though... By Friday I'll either look like a moron or a genius...anyone care to place a bet which?
Buying from the bottom you mean Donny?

Your ability to adjust to the dynamic nature of things has me beleiving you won't be a moron!!!.

Where did you short though?
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  • #369
  • Edited 9:41am Jul 29, 2019 9:25am | Edited 9:41am
Quoting MzansiObi
{quote} Buying from the bottom you mean Donny? Your ability to adjust to the dynamic nature of things has me beleiving you won't be a moron!!!. Where did you short though?
I was trading futures...YM. I shorted just after the market pushed above 27200 then fell back. I have a similar mechanism as you see above where I am able to "see" the selling at each level...I joined in at 27208. I was only looking for 30 pts...but got 5 instead.... Sometimes you get the bull by the horns...sometimes you get gored.
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  • #370
  • Jul 29, 2019 4:39pm Jul 29, 2019 4:39pm
I don't put too much into technicals, but it does appear that gold is at a crossroads right now. With the CME market closed we can see that it finished the day out strong. It's either breaking out, or that's the top of another lower high. I'm not sure which though.
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Here's the same chart on a 30M interval and notice the strong price resistance it's either at or approaching. I'm not sure I'd be long just yet, but if it breaks we could see gold have another leg up.
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We must learn who is gold, and who is gold plated
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  • #371
  • Jul 29, 2019 10:25pm Jul 29, 2019 10:25pm
Quoting DonPato
{quote} I was trading futures...YM. I shorted just after the market pushed above 27200 then fell back. I have a similar mechanism as you see above where I am able to "see" the selling at each level...I joined in at 27208. I was only looking for 30 pts...but got 5 instead.... Sometimes you get the bull by the horns...sometimes you get gored.
Did you close your short then Don? Or are you still trying to hold until Friday?

I am curious because right now I find myself on the other side of your trade
careful not to step in a pile of it
  • #372
  • Jul 30, 2019 9:19am Jul 30, 2019 9:19am
Quoting bulltrap
{quote} Did you close your short then Don? Or are you still trying to hold until Friday? I am curious because right now I find myself on the other side of your trade
If you are talking about the futures trade...yes I closed my short...I was stopped out remember? (FU Stop)...If you are talking about my XAU/USD positions, I am still holding short. I will update the position again, when I am finished with my futures trading for the day.
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  • #373
  • Jul 30, 2019 10:13am Jul 30, 2019 10:13am
Right now...and the day before the much anticipated FOMC announcement...it seems clear what the retail crowd is anticipating. There is lots and lots of buying at the lows of the day. In the past I have seen this happen as almost a build up that must be released before anything can happen. There are only two ways for the release to happen...either they stop out or the range breaks on the high side. However, once all these buying orders are released, what happens next? It appears to me all this anticipatory buying is done...and if so, what's left to drive prices higher? There may be a wave of buying as shorts (counter parties) stop but after that?

I'm sure we are all (as am I) sitting on "pins and needles" waiting to see what will happen.
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  • #374
  • Jul 30, 2019 11:03am Jul 30, 2019 11:03am
Quoting DonPato
{quote} If you are talking about the futures trade...yes I closed my short...I was stopped out remember? (FU Stop)...If you are talking about my XAU/USD positions, I am still holding short. I will update the position again, when I am finished with my futures trading for the day.
Yes I meant the XAU/USD positions. I am closing my longs today before FOMC tomorrow, I hope it will benefit you like I suspect it will.
careful not to step in a pile of it
  • #375
  • Jul 30, 2019 11:06am Jul 30, 2019 11:06am
Quoting bulltrap
{quote} Yes I meant the XAU/USD positions. I am closing my longs today before FOMC tomorrow, I hope it will benefit you like I suspect it will.
FOMC tomorrow, NFP on friday. Gonna be a fun week for gold!
  • #376
  • Jul 30, 2019 11:38am Jul 30, 2019 11:38am
Quoting bulltrap
...I hope it will benefit you like I suspect it will.
I truly hope you are right. However, I suspect it is going to "scare" everyone out of the market before anything is really finished. So be prepared to take action again next week...I think
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  • #377
  • Jul 30, 2019 10:10pm Jul 30, 2019 10:10pm
LONG and bracing for FOMC.

Quoting Hunterrus84
so I got in at 1412 long
Nice buy, you got it on sale. It' was only there for a few hours.
  • #378
  • Jul 30, 2019 10:28pm Jul 30, 2019 10:28pm
Quoting Metallurgy
{quote} FOMC tomorrow, NFP on friday. Gonna be a fun week for gold!
Traders paradise

Quoting DonPato
{quote} I truly hope you are right. However, I suspect it is going to "scare" everyone out of the market before anything is really finished. So be prepared to take action again next week...I think
That's the idea!
careful not to step in a pile of it
  • #379
  • Jul 30, 2019 10:48pm Jul 30, 2019 10:48pm
Quoting bulltrap
{quote} Traders paradise {quote} That's the idea!

i agree with you mate i do not stay out of anything that as volatility i get on and off the spikes and of course you have retraces to pick the eye teeth out off so in like flynn
people leave, but this thread will go on for ever
  • #380
  • Jul 30, 2019 11:06pm Jul 30, 2019 11:06pm
Quoting Goat
LONG and bracing for FOMC.
Good luck, this FOMC is going to be dicey. EventsTrader did a great write up on it here. I'm not long gold, but I've got a lot of exposure going into this so I'll be anxiously watching what they decide on. If they do a hawkish cut the 'buy everything' trade that's worked so well this year will probably begin to unwind.

Hopefully Bernanke handed over the keys to the helicopter before he left.

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Self-sufficiency is the greatest of all wealth. - Epicurus
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