“Beware new lows in New York afternoons … they can be messy!”
I’ve been expecting a day like Friday for over a month … although, I didn’t
expect it on a Friday … fact is, gold got “extended” higher too much in the face
of severe resistance in the 1350 - 1370 area overhead … the monthly XAUUSD
chart directly below with commentary.
click on any chart to enlarge
As you can clearly see, 6 times in the last 5 years we’ve been up here, only to
get smacked down by the sell side manipulators … in a little more than 6
months from the blow off low in August 2018, gold has steadily climbed
almost $200 per Oz., and during that time up ‘till Friday, the market hadn’t
seen a daily decline of anything greater than $21.98, which came in early
January … the daily chart directly below with some commentary.
So, it shouldn’t come as a total surprise that a day like Friday was “in the
cards” … the important thing now, is what next? … do we consolidate before
attempting to go back above 1300 for another assault, or do we melt lower still
for a while? … my answer to that, is that it all depends on how Asia & Europe
respond in the days ahead, cuz New York will do the opposite … if we come in
and every day sees gold higher, expect more selling from the scumbag bullion
dealers … if however, we can get some long capitulation from the
“Chuckleheads” & Mrs. Wantanabe, the scumbag usual suspects will clear
their book of short positions and “take the rock back up the hill” … in any
event, we’re also passing through seasonal strength in gold, so there is reason
to be skeptical of gold strengthening from here … offsetting that, though, is
the fact that QE all over the world is ready to start again, and the money
presses via “CNTRL-P”, stands ready to print trillions more useless and
worthless paper, adding to world debt like never before seen … remember,
eventually the math wins!
Starting today, since I added silver to our list of metals, I’ll be adding its 20
Day Range MA to gold & SP500 … although I wouldn’t trade silver for short
term scalping, cuz gold is far better, silver can be a very good intra week
position play given the right opportunities … gold is terrible to position intra
week cuz its “vig” is so “Hoover Dam” high … currently $8.95 for long, $6.74
for short per 1 lot at Turnkey … currently $5.74 for long, $6.74 for short per
1 lot at Coinexx … both have 3 day rollover on Friday.
Silver on the other hand, currently has “vig” of $2.85 for long, $0.55 for short,
per 1 lot at Turnkey … currently, $1.45 for long, $0.55 for short per 1 lot at
Coinexx … both have 3 day rollover on Friday.
Remember, on 1 lot in silver, it’s 5,000 Oz., so a minimum tick of $0.001 [1/10
of a cent], is worth $5 … at Coinexx, you could be long ALL WEEK and carry
it through rollover [4 days], and your cost ton your position would barely be
more than 1/10th of a cent … “and if 1/10th of a cent makes a difference in
silver to whether your profitable or not, you got problems”.
Directly below, gold silver, & the SP500 for comparison.
As the metals pick up some momentum in terms of daily range, the stock
indices continue to get volatility crushed by the “VIX manipulators” … “make
no mistake, big money knows that FED Chief Spicoli has got their back and will
pump QE through oil pipelines if he has to, to make sure there’s enough freebies
available for the scumbag banks to buy stock index futures and manipulate them
higher … what a complete shitshow this complex has become”.
Onto the week, it looks like it could get really interesting, and we’ll see if
there’s further downside ahead of us, or simply consolidation & chop around
1300 … until tomorrow mi amigos … Onward & Upward!!
Have a great rest of your weekend everybody!
-vegas
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