WTF IS THIS?

 

“Dorothy has thoughts about gold!!”

Once again, the Asian session sees the good action, and the rest of the world

gets NADA … what level of trading Hell have we wandered into today via gold, on

this second worst day of the month to trade? … [the first being NFP Idiocy Day]

… can’t rally can’t break, but it can chop … now into the New York afternoon, and

5 hours of bullshit chop inside an approximate $6 range, with a quick trip above

1880 just to trip off buy stops for the unwary … quite frankly, this is the type of

day I thought we’d see on Friday after NFP, and Friday’s action slated for today

… ZH had a post about Vampire Squid turning bullish on gold for 2023 as the

catalyst for Friday’s decent up move … really? … this is the same firm that

predicted crude oil at $150 for the end of 2022 … how’d that turn out Muppets?

… so no, I don’t think it was the Squid that made it move.

An attempt to move lower cuz buying has dried up, sees some support at the

1869 - 1870 level … frustrated longs no doubt wanting to get out of Dodge City

… oh boy, we now got a $10 - $11 range for the New York day, with all of it pretty

much to the downside … occasional light pops higher, but they got no legs … not

that the downside has any legs either, things pretty pathetic in terms of trading

action … so far, support is holding, and I get the feeling it will probably hold to the

end of the day … still, a lot of people already long, and quite frankly the last thing

you want to see is gold go parabolic to the upside … remember the last time that

happened about 11 months ago? … how’d that work out above 2K? … but we need

better trading action than this, although the “Trading Ratio” [TR] is slightly above

3, mostly cuz of the spikes skewing the 60 period MA high/low … the real TR is

below 3 at the moment.

The version 2 trading algorithm perfectly doing its job today … market action of

chop not allowing the algorithm to “sync” for signals, except for a couple of trade

signals for those aggressive traders wanting a quick scalp trade … quite frankly,

I don’t want that, simply cuz the spread + the slippage on red spikes down will

take away most if not all of your profit … and market action bares that out … $6 or

$8 ranges over multiple hours ain’t gonna cut it … gold needs to do better than

that … and it would definitely help if the TR was higher as well … today it isn’t.

No trades today for the PAMM in gold … just nothing to do as we were void of any

buy signals from the algorithm after the NYSE open, and before that open we had

no range to speak of and plenty of chop … the only action the day saw was the

open in the Asian session, where for a couple of hours Mrs. Watanabe & Gal Pals

shoved gold higher … from there, it didn’t do diddly squat the rest of the day

… now late in the New York afternoon, what do you do when it won’t move?

… that’s EASY PEEZEE, simply move onto tomorrow … good grief, what a pile of

bullshit this was … oh well, it happens and there’s nothing anybody can do about

it when it decides to sit.

… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,

and my own Brinks armored truck” 💓!! … Onward & Upward!! 

-vegas