rbreese, I would not trust positioning of the commercials (large
banks) on /GC, as they need not be profitable from their shorts:
central banks and other entities are buying all physical gold they
can find. Those positions are not printed on the CofT reports!
rbreese, What does matter? Price levels coming from large
players, and demand based on geopolitical concerns. I listen to
Andrew Maguire, who voices this very well.
https://www.youtube.com/watch?v=B0wsJ3tyaSk He makes a
point repeatedly that big banks are trapped on the short side. I do
not view them as smart money as they once were. Shorting gold at
the current prices is like picking pennies in front of a steam
roller.
To clarify, technical analysis is only for short-term trading.
Big players use supply and demand zones, which is why you see
vertical moves in gold.
/GC closed lower last week but did not make a lower low. I would
expect a similar price action for next week. As Andrew Maguire
says, low 1900's is a far as /GC could drop now. If it goes there
before proceeding with the rally, it is a gift to load up.
What is going on behind the scenes with the Brics to counter the
US Dollar dominance (reserve status) is something to be
keenly aware of going forward (longer term).
I actually posted it first on Friday afternoon and Steve
confirmed it after junkie and I had a brief discussion about it. I
have always followed Commercials for longer term moves in metals .
Off tomorrow as I have an early a.m. procedure with a
surgeon.
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Both Silver and Gold commercials
Posted by rbreese on 31st of Mar 2023 at 04:24 pm
Both Silver and Gold commercials were net sellers of contracts as we hit new highs for the year.
rbreese, I would not trust
Posted by junkie on 31st of Mar 2023 at 04:39 pm
rbreese, I would not trust positioning of the commercials (large banks) on /GC, as they need not be profitable from their shorts: central banks and other entities are buying all physical gold they can find. Those positions are not printed on the CofT reports!
Junkie did you see the
Posted by rbreese on 1st of Apr 2023 at 11:02 am
Junkie did you see the GLD daily chart and pronounced divergences?
rbreese, yes. Gold does not
Posted by junkie on 1st of Apr 2023 at 11:45 am
rbreese, yes. Gold does not follow technicals as much as indexes do. It behaves like a currency.
So your point is technicals
Posted by rbreese on 1st of Apr 2023 at 12:50 pm
So your point is technicals do not really matter. What does in your opinion? Commetcials are long term smart money IMO.
rbreese, What does matter? Price
Posted by junkie on 1st of Apr 2023 at 01:00 pm
rbreese, What does matter? Price levels coming from large players, and demand based on geopolitical concerns. I listen to Andrew Maguire, who voices this very well. https://www.youtube.com/watch?v=B0wsJ3tyaSk He makes a point repeatedly that big banks are trapped on the short side. I do not view them as smart money as they once were. Shorting gold at the current prices is like picking pennies in front of a steam roller.
To clarify, technical analysis is only for short-term trading. Big players use supply and demand zones, which is why you see vertical moves in gold.
According to Andrew Maguire, 1820
Posted by junkie on 1st of Apr 2023 at 01:32 pm
According to Andrew Maguire, 1820 is the new possible low for gold, stair stepped by $200 from the last year's low. https://www.youtube.com/watch?v=f5WLOPk8WQQ
/GC closed lower last week but did not make a lower low. I would expect a similar price action for next week. As Andrew Maguire says, low 1900's is a far as /GC could drop now. If it goes there before proceeding with the rally, it is a gift to load up.
What is going on behind
Posted by steve on 1st of Apr 2023 at 01:18 pm
What is going on behind the scenes with the Brics to counter the US Dollar dominance (reserve status) is something to be keenly aware of going forward (longer term).
Thanks for this important piece
Posted by mundy on 2nd of Apr 2023 at 06:07 pm
Thanks for this important piece of information Steve.
I actually posted it first
Posted by rbreese on 2nd of Apr 2023 at 06:28 pm
I actually posted it first on Friday afternoon and Steve confirmed it after junkie and I had a brief discussion about it. I have always followed Commercials for longer term moves in metals . Off tomorrow as I have an early a.m. procedure with a surgeon.