Some can trade gold, some can't and some just don't care. Here's the deal folks, like it or not gold can be telling of larger things to come. It's true gold is a wild mover and it's also a great indicator of larger movements across the currency market, particularly with the USD. The US dollar has been unadulterated garbage for weeks now and all of the sudden golds smashes through some pretty important levels, be on high alert with USD pairs.
This break out could reverse in the next few hours at which point, we don't care about gold anymore. But if this break out holds and we start to see moves lower in the other missed pivot points, don't be surprised to start seeing the USD and other pairs start to move more than a little.
For now, this is more of a heads up than a trade set up. Watch gold, watch this recent move and if everything holds this pattern and continues, let's all be ready to rock some other currency trades.
For all those that made money on this recent break out in gold, I salute you!
Do you think that Gold price can be lower again this month or even the same like December last year bearish trend ?
JaredJJohnson
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with gold, anything can happen! That why i try to find short and long term patterns and just track them along the way. If this is going to be a head and shoulders i'll track the movement on shorter term time frames and see if this large pattern can play out. Right now the important thing is that we don't get a major reversal like gold is so prone to do.
albertwt
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Cool, I never knew that until you explain it here mate.
Thank you for the response.
Keep u the good works !