Gold, silver, copper ripe for short covering

Kitco
 

Bearish positioning is at its highest level since May 2019

Many analysts have said that these rate hikes have been priced into the market.

'It's from these low points in terms of psychology that you get these dramatic rallies."

"Sentiment doesn't guarantee anything, but with this kind of historical benchmark, gold sure isn't at a top. Even for an agnostic trader, you would want to pay attention to this stuff.

July's Fed decision could be the event gold needs to make its move after touching $1,700 an ounce, said OANDA senior market analyst Edward Moya.

"This is the moment for gold that will break the precious metal's back or offer hope that peak tightening has been priced in," Moya said. "Investors are growing optimistic that the economic slowdown will contribute to a quicker decline with pricing pressures, which suggests the Fed's tightening job might be done by the end of the year."

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I'm tempted to grab some lower on the Fed decision.

Edited by Rogerdodger, 26 July 2022 - 09:30 PM.

Gold & NUGT, JNUG busting a move that could be big.

I don't do e-wave counts... is there going to be a five down?

Kitco's last poll showed professional traders being bearish.
 

Aug 5, 2022:This week, 16 Wall Street analysts participated in the Kitco News gold survey. Among the participants, four analysts, or 24%, were bullish on gold in the near term. At the same time, seven analysts, or 41%, were bearish on gold. Six analysts, or 35%, cast neutral votes this week.

Meanwhile, 579 votes were cast in online Main Street polls. Of these, 379 respondents, or 65%, looked for gold to rise next week. Another 124, or 21%, said lower, while 76 voters, or 13%, were neutral in the near term.

Edited by Rogerdodger, 08 August 2022 - 11:43 AM.

Kitco:
 

Gold has been moving higher in recent sessions back towards the $1800/oz psychological area.

Close to this zone, there are some confluence resistance areas to look out for and the price could get stuck in familiar territory.

If we do see a break of the trendline quite often the price comes back to test the area before moving higher in the prevailing direction.

   Live Chart:

Edited by Rogerdodger, 09 August 2022 - 10:52 AM.

you long now RD?