Short-term traders exit long position on a RED Daily “Trade Triangle” @ $1,375.85 today and remain neutral for now. This short-term trade produced a Loss of $10.17 an ounce.
Intermediate and long-term traders hold long positions.
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Short-term traders went long on a GREEN Daily “Trade Triangle” @ $1,372.77 today.
Intermediate and long-term traders continue to remain in long positions.
If you are not yet a member of MarketClub see what you are missing with our 30 Day Risk Free trial and receive 3 valuable bonuses just for giving us a try.
The gold market has been pushing out its normal level of frustration and anxiety for the past several weeks.
So the question becomes, is the gold market pausing to move higher, and of course the Bulls would argue this, or is it forming the head and shoulders top that many technicians are looking for? Of course, this would be a bearish sign for gold if this technical formation is completed.
I've just finished a short video that shows you what we're looking at right now in gold and how I think it is going to be resolved. The video is a little over 2 minutes. It's quick and to the point while supplying you with what you need to take your place in or out of this market.
Continue reading "Is gold stuck between a rock and a hard place?"
If you haven't heard the latest news about North Korea attacking and making aggressive moves towards Yeonpyeonga, a small South Korean island, you missed what moved the gold market today.
South Korea scrambled fighter jets and returned artillery fire after North Korea provoked the peninsula’s most serious confrontation in decades.
What you probably did not know was the $20 move up in gold today was signaled the day before by our "Trade Triangles." How was this possible? It has everything to do with some very cool technology developed by MarketClub.
A week ago everyone was cheering as gold and other commodity markets were making new highs. Last week however, things changed as everyone seemed to want to jump through the same door, at the same time, putting a great deal of downside pressure on many markets.
This phenomenon sometimes happens when people have multiple positions in multiple markets in the same direction. When they start to take profits, there is no one left to buy.
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