The selling in Monday in Gold continued without mercy to bulls, losing over $145 since market open. The bloodbath started on Friday when someone sold 400 tonnes (over 15% of annual production), which comes out to c$20B (yes, Billion) in value. This tripped the stops below the critical multi-year support level at $1500, and hasn’t looked back since then.
Yesterday in my weekly market commentary, I talked about taking any pullbacks towards $1496 as an opportunity to sell. Where did price go to? $1495.75, then broke below the mentioned $1479 support, offering a breakout pullback setup. From here, it proceeded to get bloodied every which way but loose, going to the much deeper target of $1337 today (actual low on the day was $1335.24) - hopefully you made a killing on this (weekly chart below).
XAU/USD" title="XAU/USD" width="2306" height="1591">
Considering how the PM has taken out every major support level without leniency, i’m expecting further losses here, with the $1309 and $1260 (July 2010 highs) up next. This is not the time to be looking for bottoms, and a lot of money can be made trading this trend. So keep your composure, look for shots, and don’t take profit too early as you can make several months of gains in a single with trend trade if done correctly.
Pullback levels to get short are $1384 and $1424.
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Gold Hammered, But Breakout Retest Profits Nicely
Published 04/16/2013, 06:35 AM
Updated 05/14/2017, 06:45 AM
Gold Hammered, But Breakout Retest Profits Nicely
Gold – Suffers Greatest Losing Day in 30 Years
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