ridethepig | Gold surrendering support
📌 Surrendering the support
It would be unpleasant to protect the shiny metal here with sellers mobile and threatening the waterfall. Well done those who are riding the move down since Fed, a simple concept of a journey back towards support.
By completing the breakdown sellers are unlocking $1,803 as an initial target area with a daily closing below $1,910. Unaware retail may have been caught buying an over priced bag of coal, sentencing to death all the investors who thought they could hide in Gold as we mark the highs for some years to come.
For anything else below $1,803 it will take momentum. Target-wise below $1,765 and $1,557 are next. The momentum must either be executed via the dollar or condemning the inflation story to death. We will dig deeper into the macro side over the coming sessions.
Thanks as usual for keeping the feedback coming 👍or 👎
It would be unpleasant to protect the shiny metal here with sellers mobile and threatening the waterfall. Well done those who are riding the move down since Fed, a simple concept of a journey back towards support.
By completing the breakdown sellers are unlocking $1,803 as an initial target area with a daily closing below $1,910. Unaware retail may have been caught buying an over priced bag of coal, sentencing to death all the investors who thought they could hide in Gold as we mark the highs for some years to come.
For anything else below $1,803 it will take momentum. Target-wise below $1,765 and $1,557 are next. The momentum must either be executed via the dollar or condemning the inflation story to death. We will dig deeper into the macro side over the coming sessions.
Thanks as usual for keeping the feedback coming 👍or 👎
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