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Created on: 7/3/2020 4:30:49 PM Last Update: 7/3/2020 4:43:45 PM Posted by: RTT
WARNING: This entry is 1059 days old. It may contain broken links, out-dated or misleading content. Please read on with caution.
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Golds quick price move increases the odds of a correction
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 Every market corrects, maybe profit taking, maybe of allowing those who missed out, to get in!
The current open interest on the gold contract looks to high after a very fast price move, it looks like 2008 may be repeating. A quick flushing out of the weak hands open interest may take place before a real advance in price takes place. The correction may be on the back of a wider sell off of risk assets (either before of after US elections) as all assets suffer contagion selling (just like 2008).
This blog view is a gold price correction of 10% to 20% range is a buying opportunity. Of course we may see a very minor price correction but a long time correction, a price or time is correction is expected, we shall watch and wait.
The explosion of open interest (chart below) along with gold price suggests 'all have loaded up', the big boys wont like this as they will not want to share gold gains with the public, one therefore can expect some sort of wash out of the weak public hands holding of gold future contracts before a real advance takes place.
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Also price has meet channel resistance.
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Also price is near upper resistance of the previous high.
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Changes in the world is the source of all market moves, to catch and ride the change we believe a combination
of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to ride the change, after all these methods have been used successfully for 70+ years.
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Investing Quote...
..“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss”…
Richard D. Wyckoff
..“Successful speculation requires staying on top of changes in industries and companies that either create new industries or improve on existing industries. The majority of your profits will come from these two … The shrewdest traders throughout history all adapted the skill of reactionary change, as the market constantly presents new and different opportunities.”..
Bernard Baruch
.."If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks"..
John (Jack) Bogle
...“People somehow think you must buy at the bottom and sell at the top to be successful in the market. That’s nonsense! The idea is to buy when the probability is greatest that the market is going to advance”...
Martin Zweig (The inspiration behind a number of Martin Zweig’s methods came, from Jesse Livermore).
.....“I measure what's going on, and I adapt to it. I try to get my ego out of the way. The market is smarter than I am so I bend.”..
Martin Zweig
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