My short positions made me money this week. We did not see the pull back to the 1460 area that I was hoping for but gold stayed within a range all week not breaking to either side of 1477 or 1485. When price is moving like this can be some of the best trading. I Do not have a position on gold at this time I think this sideways movement could break out to the upside very slightly before we head back down to support.
The general attitude I get from most gold future traders is the same as always, “the worlds going to explode and gold is going to go to 10k”, its out of range above 1485 at this time and am patiently waiting on the sidelines. Any break above 1485 I will be looking to put on short positions.
Still I refer to my chart from last week and say that The overall trend For gold is up. but Its looking up from 1300 not 1485. Its almost always a good time to be buying physical gold But it is my personal opinion that We will see deeper discounted prices next year.
This post is not meant to be financial, Trading, Or investing advice of Any kind. Your capital may be at risk and I, the writer of this blog, am not responsible for any losses or gains that could be sustained trading with or against me and my positions. All statements made in this post are pure speculation.