Massive selloff in Asia, after Gold broke 1140 ultimate supp/resistance.
This break will have consequences:
- Volatility has been very low for long time. From now Gold will be more agressive.
- Technical picture confirms a bearish break and continuation, however Gold producers will massively cut production at/below 1100 USD/oz.
- Most importantly, with these kind of agressive dips the daily averages (Tenkan, Kijun and Kumo) started to drop very quickly. In case of a reversal, the entry Price for a counter trend or bullish swing trade will be lower.
- One more consequence: I understand even less why the hell Gold is fundamentally a sell, when 3/4 of the world's CBs are still dovish and/or even printing money, when inflation sooner or later will spike, when after some point people will have to admit the global bond bubble and the fiat ccy systems will fail somehow, etc. But I am not a fundamental trader, so I stopped most of my positions at 1145. I hold 5 % strategic Gold in my portfolio only, and that is PHISICAL GOLD, not a paper sht.
This break will have consequences:
- Volatility has been very low for long time. From now Gold will be more agressive.
- Technical picture confirms a bearish break and continuation, however Gold producers will massively cut production at/below 1100 USD/oz.
- Most importantly, with these kind of agressive dips the daily averages (Tenkan, Kijun and Kumo) started to drop very quickly. In case of a reversal, the entry Price for a counter trend or bullish swing trade will be lower.
- One more consequence: I understand even less why the hell Gold is fundamentally a sell, when 3/4 of the world's CBs are still dovish and/or even printing money, when inflation sooner or later will spike, when after some point people will have to admit the global bond bubble and the fiat ccy systems will fail somehow, etc. But I am not a fundamental trader, so I stopped most of my positions at 1145. I hold 5 % strategic Gold in my portfolio only, and that is PHISICAL GOLD, not a paper sht.
