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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 354 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...
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Jesse Livermore
.."it is better to have few stocks and to watch them carefully”...
Bernard Burach
..."This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President Woodrow Wilson signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill."...
Charles August Lindbergh Snr
.."A market is the combined behavior of thousands of people responding to information, misinformation and whim"..
Kenneth Chang
.."The first rule is not to lose. The second rule is not to forget the first rule"
Warren Buffett
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