The Average True Range of gold moment has significantly dropped, like it’s waiting for something. But that is Monday’s for you.
We have consumer confidence from the US at 14:00GMT today, which may provide some momentum for a move, meanwhile I am still looking for targets of 1410 and perhaps all the way up to as high as 1800! As all my trades are on moving stops they are in profit so if it goes against me I will only lose a fraction of the profit from these trades.
My feelings…. Gold and Balloons have a lot in common at the moment. Up, Up and away.
There is still a gold shortage in India and since China is hoarding Gold and the US debacle over the debt ceiling (which will rear its ugly head again early next year), we should see further Gold advances as the world becomes less and less enamoured with the green back.
Incidentally I have been mildly amused by the chat going on on trading view with regards to Gold. Comments like “Well I’m short Gold now”, like watching one of those TV shows where you know the answer to the question but the person competing doesn’t, “NOOO don’t short Gold”.
(Well some people only want to make 5 to 8 pips, I’m in 82 pips profit on just one of the 4 trades. Today, well they are pushing up against 1361/1360 area, bottoms in at 1349, 1350 of a trend line so if I may add another lot here… we shall see, put it like this, I can’t make a loss now, it’s impossible even if the trade goes against me.