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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 472 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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Richard D Wyckoff
.."It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong"..
George Soros
..“If it’s obvious, it’s obviously wrong.”..
Joe Granville
.."Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected"..
George Soros
.."Money couldn't buy friends, but you got a better class of enemy"..
Spike Milligan
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