Just a quickie here. Covering my GOLD short. It was a lot of fun to play the contrarian and land in profit, but GOLD has reached a significant support structure and also it is just below the lows since the 2070 top so this would be a likely area for a shakeout reversal pattern.
It could of course go much lower but this was just a simple trade off the shooting star for some simple profit and there are better trades elsewhere from here I think. I do think GOLD will see much lower lows and if a chance presents itself I may short again, but this is not really a name i'm really interested in currently other than for the fun of charting.
Not advice.
It could of course go much lower but this was just a simple trade off the shooting star for some simple profit and there are better trades elsewhere from here I think. I do think GOLD will see much lower lows and if a chance presents itself I may short again, but this is not really a name i'm really interested in currently other than for the fun of charting.
Not advice.
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And now that it has bounce and I am out, here are 2 reasons why I didn't buy back in.
1) GOLD is at a top. I want to buy low not high.
2) There are both short and long term resistances above which make a rally less likely. See on the chart price is just below the 2011 top now acting as resistance. And a rally could still happen but this is a game of probability and really anything could happen now. It could bounce a bit or get caught up in a sideways correction or fall, but the easy trade was from the star close.