GOLD, is anyone alive?
For the beginning of this artilce, all I can say is wooow! I warned of the danger before the US presidential elections and I didn’t want anything to analyze, it’s obvious that I was right. The latest moves on gold was brutal for everyone in the market and for all those traders who decided to trade, especially on the election day and this couple of days latter. When we take a look the whole picture, we can see how everything started on October 04., when gold broke 1300 and continue to fall all the way to 1240. A 700+ pips move, from wich 460 pips decline in one day. That move cause a lot of troubles for the optimists and gold lovers for sure, after wich they have find a like-minded traders at the bottom of the fall, near 1240 level, where they have start to build a bullish momentum for turnover in the coming days.
As you sow, thay have manage that and after 20 days they recovered the price all the way to 1306, where the sellers have took over again and after wich the precious metal waited the US elections at the 1270 level, near the daily MA200. After the rusults was coming in favor of Trump, the whole market turned back ini to long positions, pushing gold high above the resistance areas at the 1337, but on the same day, the gold melted back and close the day at 1277 level, bellow the daily MA200, which was warning for buyers in my point of view. Latter on, three days in a row, gold has continued strongly to lose value and reached the level of 1212 today, which is not the end as it seams technically. The next stronger support is waiting at 1200/05 and it will be interesting to see what will happen next. As I see, everyone is busted here in the previous couple of days, shorts, longs and not once. The 1250 pips range with brutal moves was destroyer for trades. I hope that there are survivors!?
yes I am a survivor because I didn’t take any trade only from last Monday…….lolzzzzzz
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That’s nice Hiren. 🙂
I think fall will be stopped in the 1207-1210 zone.
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It’s stoped for now, but 1200 looks tempting to sellers for sure. We will see, it doesn’t look so promising for turnover now.