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Opinion on Gold shrt term

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#1 opinionated

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Posted 15 June 2018 - 08:11 AM

Took a long at 1300 because of the trade war. Well it came and Gold tanks this morning. Huna dumping to make the usa pay? Hate to take this on loss if we rocket up from here. Thoughts on next 3-4 days.

Thanks

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#2 hhh

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Posted 15 June 2018 - 08:29 AM

IMO, silver strength says hang on as gold should catch up.



#3 opinionated

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Posted 15 June 2018 - 08:37 AM

Silver is down 2% as well.

#4 hhh

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Posted 15 June 2018 - 08:43 AM

By "silver strength," I was also considering its leading Gold out the recent hole.



#5 cycletimer

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Posted 15 June 2018 - 09:03 AM

I bought 1000 SIL @ 29.83 this morning. Also bidding below market for GDXJ (oh! Just filled 500 @ 32.69!). I bought SGOL on Tuesday morning. I am gradually accumulating positions on a longer term macro basis.

#6 hhh

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Posted 15 June 2018 - 09:08 AM

I just picked up some USLV at 10.44.



#7 opinionated

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Posted 15 June 2018 - 09:12 AM

Thanks CT Im very short term next 3-5 days. Something going on here will all commodities down big.

#8 Rogerdodger

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Posted 15 June 2018 - 09:12 AM

Opinions on Gold are worth what you pay for them if you go by the Wall Street "experts" in the Kinco survey, which had 59% Bullish and 24% Bearish for this week..

 

Today's GLD lows are below the May supports and coming out of a very tight Bollinger band squeeze; narrowest in over 10 years.

My guess is that unless this is a tactical shakeout and reverses, gold may continue see lower prices.

 

If Armstrong is correct, the $USD will only get stronger due to foreign fiscal issues.

An IF interest rates jump to 10% as he thinks, holding gold become less attractive.

See:

http://www.traders-t...oo/#entry784027


Edited by Rogerdodger, 15 June 2018 - 09:18 AM.


#9 CLK

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Posted 15 June 2018 - 09:36 AM

Stay away from GLD, it's not a good trading vehicle. The hourly chart has been net breakeven since 1-30-18 not counting

theta. The gaps can't be dealt with. Trade SPY instead. 

GDXJ is divergent, that's not much to go by in the way of internals, which is needed to trade short term. The hourly chart was sideways for a month, not a good long setup. The question is, how much are you willing to take a 90% loss ?  

 

 



#10 flyers&divers

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Posted 15 June 2018 - 09:39 AM

I also trade some PM, swings, this time I did not sell into strength:). 

Remember the oil bubble and how US production increases turned everything upside down? 

We may again be in the middle of paradigm shift as the crypto market could have a dampening effect on the gold market.

Other PM have more industrial uses so they may fluctuate more due to supply demand dynamics then gold.

As usual I make my decisions based on technicals rather then fundamental.


"Successful trading is more about Sun Tzu then Elliott." F&D