Gold is going upwards by leaps and bounds, leaving the “corpses” of traders behind who want to average their short positions on an unprecedented bullish trend. Thus, gold absorbs absolutely all the sales that speculators offer it, which is normal in these conditions.
Imagine yourself as an investor today. How to keep your currency assets? In the euro - with uncertainty in the eurozone and Merkel leaving? In pounds - with Boris Johnson? Or in gold, as banks do it? At the time of geopolitical and trade uncertainties - the answer is obvious. Since the spring of this year, gold has passed an incredible 27,000 points, as well as another 15,000 p over the past six months. This is practically without significant pullbacks.
However, the last movement of quotes 1535 given to gold is not easy. And on D1, the mirror level on it is obvious. As usual, everyone who bought above will first of all hide their risks there, while below is the hourly TF with the most likely levels that will be captured in the near future. This will happen, as usual, on the next news. For example, NFP, or will be the “unexpected” from Trump.
On the other hand, the first prerequisites for gold sales have already begun to appear, including the other day’s American session. Although, this may not be direct sales, but banal profit-taking of those who are already given sitting in longs and sees that the dynamics of gold growth decreased by D1.
In any case, working in shorts on an incredibly overbought instrument in the presence of obvious “debts” below looks very promising, especially in the calculation on fixing the hyper-profits of gold buyers. I also recommend selling gold from a false breakdowns of 1550 and 1555 with the first goal of taking profit at 1525.
It is expected that after a wave of sales, gold may well return to the range of 1500-1550 dollars per troy ounce already on a weekly scale.
The material has been provided by InstaForex Company - www.instaforex.comvia Golden steam engine - Trading ideas for GOLD
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