Shorting Gold today

Hi

Is anyone else going to be shorting gold today at before half past 12 GMT ?

All those reports combined with Goldman Sachs prediction of Gold reaching $1050 at the year end seems to be a good methid of making some quick Green.

Or do you think otherwise ?

I’m still a newbie so go easy

My advice- never take advice from anyone about where the price of anything is going.
You need to rely on your own analysis of the markets to be consistent and have a shot at longevity.
It’s ok to see how others approach the charts, but I wouldn’t risk a dime of my own money off of anyone else’s recommendation- ever.

You need to trade according to your trading plan. If it aligns w what Goldman is saying, then so be it.
There are 5,000 other analysts out there who say gold is going up.

Any analyst is going to put out their ideas on where an instrument is heading- it’s what they’re paid to do.
They will never be right 100% of the time.
It’s even been written about/speculated that the major banks will use the media to give the impression of one thing (ie gold is going down), yet, all along they’re slowly accumulating getting ready to attempt a markup campaign. You think Goldman has YOUR best interest at heart?
There’s a reason why the majority of traders fails- this is one of them.

Rely on yourself- that’s the whole reason why we’re all here. We want to be independent and have to answer to nobody.

Fair enough :slight_smile: , i agree with that.

Okay, Did you guys just see the Gold price ? like what was that.

I did short and made some cash, thanks to the manual trailing stop I had put just below the selling price- but man was I scared.

What is the cause for the sudden rebound ?

Okay, I’ve figured it out, but there was an opportunity to make about 2000 pips in less than an hour

Thanks for the advice. I’m learning not to be so reckless, next time I think I could open postions both ways with stop losses saving me from mortal peril- I still like that feeling of being the trade

good month start for gold, it will most possibly be a month of weak dollar;

let’s adjust positions :wink:

What do you think for the coming week for gold? I have a few buy trades open at 1303, hoping it rises upto 1315 this week.

Also any thoughts on silver as I have a few buy trades open which is eating up my equity, I am hoping it doesn’t go below 20.00 but rises to above 20.70.

i analysed the market myself a few days ago and came to the conclusion gold was heading down. didn’t short it though as i follow a strict trading plan.

it is still my opinion that gold is heading down. it may make a few counter trend brakes like on friday …but ultimately i really do think it’s going down.

a 5 minute close below 1292.72 resistance i would actually enter a short with a stop above 1296.98, i would let price run till around 1281.93 before taking profits. then possibly look for another good opportunity to short again if the market presented a promising setup.

but these sorts of trades are currently not in my trading plan so i will not be actually following through.

but like forexunlimited said, don’t trust the speculations of other people, aim to make up your own mind independently, that is the right way to go about things

Gold during the recent week was in a strong and consistent downtrend that sellers were successful in achieving the lowest price of 1257.196.Right now price in long time frames such as monthly, weekly and daily is under 5-day moving average and warns about price decrease in long period of time.As it is obvious in the picture below, there is a harmonic Gartley pattern between the top price of 1344.976 and the bottom price of 1257.196 that there is a potential for changing price direction from D point ( Morning doji Star Pattern) of this pattern.

RSI indicator is in saturation sell area and divergence mode with the price chart that confirms the current bottom price and warns about ascending of price during the next candles.Generally until the price level of 1257.196 is preserved, price will have the potential for reformation and ascending.

Technical Analysis of Gold dated 2014.09.05

yes. gold will have big down trend . it’s good for short

Gold since 2014.07.11 till now was in a strong and consistent Downtrend that Sellers were able to achieve the lowest price level of 1204.700.With cashing of some sellers’ trades (formation of candlestick pattern( Spinning top) in weekly time frame) the price ascends and currently with closing of bullish candle on first day records the bottom price of 1204.700.According to the formed price movements, RSI indicator is in saturation sell area and in divergence mode with the price chart that confirms the bottom price of 1204.700 and warns about changing price direction.

As it is obvious in the picture below, according to the formed movements in the chart there is AB=CD harmonic pattern with ratios of 61.8 and 127.2 between the top price of 1391.622 and bottom price of 1204.700 that warns about ascending of the price by completion of the D point. Also in CD wave of the mentioned pattern, there is another harmonic pattern (butterfly) that warns about the potential of changing price direction from the green area.Generally until the bottom price of 1204.700 is preserved, the price has the potential for ascending from the harmonic patterns.

Technical analysis aside for second, what is the fundamental story behind a prolonging bearish trend in gold? because if it is all based on a strong US recovery coupled with the Fed substantially hiking rates in 2015, I’d say that is a pretty unlikely scenario.

As it is mentioned in previous technical analysis of this metal in 17.11.2014, according to the symbols that were formed in the chart, it was possible that the price in this metal decreases and finally it happened(max=1220.872). Price during the downfall with reaching to the Up Trendline(made of 2 bottom prices) and support level (R=S) of Andrews’ Pitchfork has stopped from more descend and has formed a bottom price(Hammer patterns) in the level of 1132.765.

As it is obvious in the picture below, price with formation of AB=CD harmonic pattern with ideal ratios of 76.8 and 127.2 has prepared the field for ascending of the price from bottom price of 1132.765 that finally happened.RSI indicator in weekly time frame is in saturation sell area and in divergence mode with the price chart that with the next cycle confirms the current bottom price and warns about the potential of ascending during the next candles.The first important warning for descending of the price is breaking of Up Trendline. Generally until the bottom price of 1132.765 is preserved, there is the possibility of increase and ascend of price.

Gold Chart 2014.12.02