Massive short squeeze in the making...seeing it over 6300, easily, 7300-9500 also possible.
Cheers.
pantheo
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@IvanLabrie, Hey, long time. I noticed that your moving strongly into the cryptos. Correction looks healthy so far washing the overheated sentiment and having tested successfully the 3K breakout zone. Next two weeks critical. If quarter closing makes a new high, then all good regarding the long term trend. If not, then maybe some consolidation period before new highs. Cheers, P.
@IvanLabrie, I think gold has made it's peak, absence of a geopolitical shock i.e. Kim pushing the wrong button. I believe it's due for a correction until December or maybe early January. Having broken below $1,338 on weekly its the first sign of weakness. Commercials are net short -272K on yesterday's COT, covering until Tuesday, so I believe that they have increased their shorts up to now. Key support is at $1307-4 and a break there will enforce shorts, mine included, for a big breakdown. Next crucial level is $1,255-60. Losing this and should be down hard. Seasonally we are entering in the worst period for metals, 4Q, the same with oil.
Oil looks bullish on daily (see channel) and weekly (O/S reversal) without strong momentum yet though as monthly is still in a downtrend and its encountering resistance area from 50.50 to 52 with first key support at 48.40 . We'll see if breaks again last year's high at 54.51. Sentiment in XLE, XOP, OIH and the rest is around extreme optimism are now, so needs attention. I don't trust the breakout fully but short term it's bullish.
pantheo
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@pantheo, sorry, forgot to mention the break of NL in the IH&S on oil, from May to Aug high. Cheers, P.
IvanLabrie
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@pantheo, good points there. Agree with the level for gold: $1307-4
Cheers.