Gold Correction Soon..

٥ أغسطس ٢٠٢٠

While the gold price looks fantastic here, the RSI is now at 85 which is historically at a very extreme level. There should be a considerable correction coming soon which will prove to be a great opportunity to open up new long positions once completed. By no means am I long term bearish on gold but it is now way too extended with sentiment also in extremes. The likely culprit in the ensuing correction would be a meaningful rebound in the USDX coupled with another selloff in global stock markets...

٦ أغسطس ٢٠٢٠

ملاحظة

RSI is now second to that of the January 1980 spike high and third of the February 2008 high. Each respective correction thereafter was 50% and 35%. Now with the news outlets ALL talking about gold prices and analysts saying "more room to run", surely we are getting close to topping out soon...

١٢ أغسطس ٢٠٢٠

ملاحظة

That got ugly real quick...

٢٦ أغسطس ٢٠٢٠

أغلقت الصفقة: تم الوصول للهدف

Gold holding strong above $1900. Correction from $2075 appears to be completing here now..