A masterclass performance from buyers, well done all those holding longs from 1250 and 1350... I know many here who have been riding the pig, that have kept working longs because the market said it worked and it paid! This has been one of the easiest rides in Gold in all my years of trading, the easy part of the rally is now finished.
We are coming to the end of "Santanomics":
Profit taking will begin and with that it was time to begin unwinding all remaining longs and time to cover with shorts. The blind retail coming in and buying this expecting it to go up forever when smart money have been miles ahead, we are just taking profits and switching sides...my regular readers will know this is the first sell idea i've posted in Gold in years...
In any case, a flawless example of a swing to the topside throughout 2019. All targets are cleared and hit with the only exception being 1700 although this looks far away now considering profit taking has already begun.
On the technical side, 1700 is acting as steel resistance above and should cap the highs unless we get panic via coronavirus (not expected till later in the year). The targets to the downside come into fruition at 1600, 1592 and to a lot lesser of an extent 1512 although is currently out of scope. Fading the exhaustion here seems tactical. Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
Good idea @lsmarokoane, we can update the silver chart today for the close!
UnknownUnicorn4762443
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Excellent. you are A extra professional Trader
ThankUKind
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Just found your page thanks to a friend on TV. Not sure where to post the comment but I just wanted to commend you on your style and well articulated TA. I like your style and approach, I aspire to acquire your skills and logic.
mareksfx
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It's gona reach previous tops
ridethepig
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As long as the 1680/1700 highs are holding @mareksfx the highs will be capped...it is a very decent area to take profits for those holding from before.
Goldensniper92
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Shall we just ride the pig first before selling?
ridethepig
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The fat, slippery (and already fully loaded) pig @Goldensniper92?
zairufc
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Great Analysis.. It may have a little more upside left, maybe to atleast 1732 (.786) fib level before dropping hard. dont you think?