The trend is clearly up undoubtedly. I would still try a short here at months end closing candle ( with a wide stop loss ). I am expecting a correction either due to positive GDP leading to month end correction or a correction from the 1st week of September due to resuming trade talks .
My conviction is a big correction is needed below $1490 to shake out weak hands. Right now the 10 y yield is almost near a tripple bottom in a yearly time frame. Further more vix dropped , stock index correcting with jpy weakness visible. Rather it’s unusual for precious metal to hold their stance this long
Lets see if we get a sell off below $1528 by tomorrow !
My conviction is a big correction is needed below $1490 to shake out weak hands. Right now the 10 y yield is almost near a tripple bottom in a yearly time frame. Further more vix dropped , stock index correcting with jpy weakness visible. Rather it’s unusual for precious metal to hold their stance this long
Lets see if we get a sell off below $1528 by tomorrow !
Comment:
I Have taken profit on 80% of my position at $1525. It looks like a strong support for now. I would add short on spikes. I am expecting to see a Indecisive weekly candle.
