Macro Gold View
I am making this comment as a flurry of trading is in the middle of pushing gold down the past few days.
I trade from a Macro view based on almost 50 years of trading.
I was trading on the CME floor when Gold made its first big push into the $ 800 in the early 80's.
My current view is that reflation is not in play in the current market and fear will be the dominant factor over the next couple of years for the markets.
Gold hit 1920 in 2011, declined to 1050 in late 2016. This was a major buy point. Now an upward macro swing count to 2754 is in play based on the December 2016 low.
Currently we are in the midst of a 38 percent retracement of the 2017 run. It could have held at the 1262 area but did not, now 1200 is a sell off possibility.
I trade from a Macro view based on almost 50 years of trading.
I was trading on the CME floor when Gold made its first big push into the $ 800 in the early 80's.
My current view is that reflation is not in play in the current market and fear will be the dominant factor over the next couple of years for the markets.
Gold hit 1920 in 2011, declined to 1050 in late 2016. This was a major buy point. Now an upward macro swing count to 2754 is in play based on the December 2016 low.
Currently we are in the midst of a 38 percent retracement of the 2017 run. It could have held at the 1262 area but did not, now 1200 is a sell off possibility.
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