Gold finding a floor - finally?
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📌 ridethepig Gold Market Commentary 16.12.2020
The moves in Gold have been excellent to track this year because of the tendency to put turning points around the Central Banks. This of course seems very appropriate. The 'infamous' loading zone has allowed us to pick the low hanging fruit, now things are going to start getting a bit trickier from a positioning perspective.
I am certainly holding longs and will become a player of the momentum break today above $1,875. How far Fed is from reality and certainly equity markets too is remarkable, carrying out a quick review of the flows we are way out of the $1,803 support which is the one we were tracking earlier in the year.
In any case, it is clear that the direction is long and with the Fed support essential - we should not suffer in the least. Buyers are aiming for $1,960 and $2,075 extension targets.
Thanks as usual for keeping the feedback coming 👍 or 👎
The moves in Gold have been excellent to track this year because of the tendency to put turning points around the Central Banks. This of course seems very appropriate. The 'infamous' loading zone has allowed us to pick the low hanging fruit, now things are going to start getting a bit trickier from a positioning perspective.
I am certainly holding longs and will become a player of the momentum break today above $1,875. How far Fed is from reality and certainly equity markets too is remarkable, carrying out a quick review of the flows we are way out of the $1,803 support which is the one we were tracking earlier in the year.
In any case, it is clear that the direction is long and with the Fed support essential - we should not suffer in the least. Buyers are aiming for $1,960 and $2,075 extension targets.
Thanks as usual for keeping the feedback coming 👍 or 👎
Nota
For those tracking in CNY:
Nota
XBT in XAU terms approaching 🔑 areas... one to track for the coming sessions as it will define how we will close the year:
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