Paxgold is a crypto currency that I wasn't aware of, each coin
is backed by 1 ounce of gold kept in a vault - kind of like digital
gold basically
anyway as you know gold futures do no trade on Saturday and so
when Iran initially attacked Israel Paxgold spiked to $3200!!
I say this when I had fallen to $2900 and I was trying to get
account setup so that I could short it because I knew it would
crash down, I wasn't able to get that account setup in time. Anyway
Paxgold gave all those gains back
Again, I know that the Iran thing was a wildcard for the
weekend, however as I posted on Friday, I strongly favored that
wave count to have completed on Friday as a v of 5, therefore I was
confident this emotional spike in Paxgold would get sold and it
did
If gold completed that count, then it will likely enter into a
consolidation phase for a while. Seasonality wise gold tends be
weak from last April to mid July.
Silver broke out of that monthly and weekly coil and gold broke
out of long term pattern, ideally what we'd see is a consolidation
over a few months to backtest those previous resistance zones/now
support
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Paxgold crypto spike to 3200 and drop and completed wave count in gold metal on Friday
Posted by matt on 14th of Apr 2024 at 12:45 pm
Paxgold is a crypto currency that I wasn't aware of, each coin is backed by 1 ounce of gold kept in a vault - kind of like digital gold basically
anyway as you know gold futures do no trade on Saturday and so when Iran initially attacked Israel Paxgold spiked to $3200!! I say this when I had fallen to $2900 and I was trying to get account setup so that I could short it because I knew it would crash down, I wasn't able to get that account setup in time. Anyway Paxgold gave all those gains back
Again, I know that the Iran thing was a wildcard for the weekend, however as I posted on Friday, I strongly favored that wave count to have completed on Friday as a v of 5, therefore I was confident this emotional spike in Paxgold would get sold and it did
If gold completed that count, then it will likely enter into a consolidation phase for a while. Seasonality wise gold tends be weak from last April to mid July.
Silver broke out of that monthly and weekly coil and gold broke out of long term pattern, ideally what we'd see is a consolidation over a few months to backtest those previous resistance zones/now support