Gold Looking Bullish After Inflation Data Released at the End of Last Week
After the inflation data was released at the end of last week the US dollar and gold rallied hard. $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $SPDR Gold ETF (GLD.US)$
The bounce in gold is happening right on que as gold futures have been hovering above a long term support waiting to bounce to new highs in this high inflationary environment. After all gold and the US dollar can be used as a safe haven during high inflation.
The bounce in gold is happening right on que as gold futures have been hovering above a long term support waiting to bounce to new highs in this high inflationary environment. After all gold and the US dollar can be used as a safe haven during high inflation.
Below you can see the technicals for gold futures. The outlook is bullish technically and macro economically. The inflation reading last week sent gold upwards possibly breaking out above the short term downward trending resistance next week. This is following a bounce off of a long term support zone that has kept gold from breaking down to new lows. The large volume spike at the end of last week looks very bullish with this technical setup. I can see the price rising to 2000 at least before we will hear any other major news catalyst that will cause a reversal back into the long term range or a breakout to new all time highs.
So lets get a quick sentiment check. How many of you believe gold will make new all time highs because of sky rocketing inflation? And how many of you think the gold futures as well as inflation have already peaked temporarily for the foreseeable future?
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Dons hobby : Spyder are you in Redbox ? What the hell is going on with this do you know ? Am I wrong this is a kiosk movie rental company ? Is there some other type of income streams or is the $2 movie rental business really that good ?
SpyderCall OP Dons hobby : they started a streaming service a while ago when the streaming craze was at its peak in the markets. They should get a little revenue off of that.
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Dons hobby : Thanks a lot Spyder I appreciate you explaining it to me. Is a swing trade when you buy one day and sell the next day or two ?
Dons hobby Dons hobby : Crypto is getting it's ass kicked
SpyderCall OP Dons hobby : yup. pretty much. a swing trade can be any length of time besides a day trade or a hold forever. my swing trades are days weeks or months long. In essence you are trading the swings up and down in the market. You are not holding through the swings up and down in the market
SpyderCall OP Dons hobby : yup. i hope it holds this downtrend until next week because i have a put on Coinbase. I need coinbase to drop quick for me to make some good money
Dons hobby : I see so you sell at the peaks buy at the dips ? Being able to do that requires having a very good idea of where the tops and bottoms will be. Being good at knowing the technicals and charts would be a big part I would think ?
Dons hobby : Which we all know I'm not lol YET
SpyderCall OP Dons hobby : yes chart reading is a good start. it just takes a little practice. You can learn for sure after much repetition
Dons hobby SpyderCall OP : Repetition the building block of knowledge
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