FX:XAUUSD   Gold Spot / U.S. Dollar
Share your opinions and ideas

Thank you
Jun 03
Trade closed: stop reached
Is gold going to the moon!! LOL!! 🤑😂😂😎
LILLOMATTE Captain_Walker
@Captain_Walker, omg ahahaha
You asked for shared opinions and ideas.

I wouldn't take the chance shorting at the areas you show. Why?
1. Gold is reacting to serious instability in the DJI (and other markets) - which are heading into exhaustion phase.
2. China's fresh waves of counter-tariffs hit on 1st June (Saturday).
3. Tariff man is now in deep water - believing stupidly that Tariffs on Mexico are a great thing for the American economy (which he thinks is doing "fantastically well" )
4. 'Everybody' is pricing in hope that the FED will come to the rescue with an interest rate cut - so the southward moves on the DJI and northward moves on Gold are actually smaller than they should be.

Mexico will appear to be conciliatory but may have little choice but to fight back.

Just to be clear, I'm not saying there may not be a correction on the price of Gold from where it currently is seen. All I'm saying is that I'm not risking my money on a correction any time soon.

Based on experience only markets do some strange things when they panic - they take a leap. Loads of traders get burned, thinking that 'it's bound to correct now just that much'. I've been there.. got burned several times before.

Based on my own analysis (shown before) of the Daily time frame on Gold, think 1320 or 1330 are likely quite soon (which does not mean there will be no correction on a lower time frame).
LILLOMATTE Captain_Walker
@Captain_Walker, Thank you mate. I started my trading journey only 3 months ago and I know very little of fundamentals. I'm happy you shared all this information with me and I'm gonna through them and learn from. At the moment I'm basing my analysis on purely technical analysis. I'm the same opinion the price is heading up in the bigger picture, hitting 1920 before having his second big retracement. The major trend line on the daily has been broken by the last daily candle and according to my analysis, the price is gonna retest this dynamic trend line that goes through 1923 before restarting his upward trend. The last 4h candle is an indecision candle, it means that we reached an important level at this point and we actually could have a likely reversal. Let's see how it goes. What is the yellow line that you got in your graph?
@LILLOMATTE, sorry wrong prices, 1290* and 1320*
@LILLOMATTE, In fact I welcome a correction as shown in your analysis, cuz I'm looking for a nice opportunity to go long again! LOL
@LILLOMATTE, I know very little about fundamentals too. My references to 'stuff' are in the geopolitical and macroeconomic domains. Some say that's called fundamentals. I say it isn't. True fundamentals are about hard facts and figures - which I haven't supplied. Geopolitics/macroeconomics affects market sentiment (and emotion). Technical analysis actually tracks sentiment. So I think geopolitics and macroeconomics are closer to technical analysis - only sitting in the backdrop.

I prefer technical analysis. However, for things that really move markets I've taken an interest in geopolitics and macroeconomic events. These two domains rock stock markets and forex. 🤑👌
LILLOMATTE Captain_Walker
@Captain_Walker, yep I agree. A few days ago I started to study correlations between commodities and currencies and safe havens spots due to the latest speeches of Trump. Anyway, price is heading up direct to SL ahahahah
@LILLOMATTE, Great stuff! You are on the right path 'grasshopper'!! LOL. 😉😂🖖
LILLOMATTE Captain_Walker
@Captain_Walker, have faith... I'm gonna take home those juicy pips 💁💁💁
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