At the moment of writing this update our full 250% net short positions in gold, silver and mining stocks are well justified from the risk and reward perspective.
yesterday gold, silver, and mining stocks declined, although the decline was not huge it was rather significant, All three closed below new 2018 lows but the question is how much more room left for gold to plunge? Trust me there is plenty.
we already wrote in our previous update that gold is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to 1060.GLD and SLV are giving major bearish signs while GDX is on a neutral side right now. The HUI Index is already trying to break below 2016 low while the previous attempt was unsuccessful and followed by an insignificant rally, as we saw another attempt recently and it seems that the breakdown may happen this time, Indeed the implications are bearish.
The conclusion-our outlook for Gold, Silver and mining stocks is very bearish for the medium and long-term, and it seems gold is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to $1060.
we will keep you informed anyway
many regards-Neeraj Pandey
Our existing positions ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 12.80
Stop Loss: 16.46
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1080
Stop Loss: 1275 ( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver 0.13% -0.13% -0.06% -0.26% -0.19% -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
y do u post so many times same chart again and again? Trying to prove that you are right???? publishing 1 time and 10 times the same chart doesnt make sense. Anyway fed meeting on 25th Sep. Long time from here. will see 1 relief rally in Aug 2nd half and then might go down until fed meeting ...after that rally.
NeerajPandey
⋅
@LetsBeMillionaire, you still didn't get it, sir, remember you were accusing us when we started to publish our sell view when gold was@1358 and silver was around 17.800, we took profit@1260 in gold, after that we started to publish our sell view again when gold reached 1231, you accused us again and result is in front of you but with no hard feelings sir we can understand your pain as you are long in gold but trust me there is more pain yet to come
NeerajPandey
⋅
@LetsBeMillionaire personally we do daily anlysis for precious metals,you will find(read) each and every little update happened in precious metals market in our posts.fancy and delusional charts will get you Knowere. we want traders to read our daily analysis, we will make changes in our chart if anything will change specially for long term but for now there is no need.
@NeerajPandey, i was prepared for 1180. Not seeing 1125. worst case may reverse at 1175. But i still see heavy short based on last and current week COT report. What price you will go long? One thing for sure that whever it will bounce and crosse 1st resistance, it will create mass short sqz. Just need to time that correctly.
NeerajPandey
⋅
@LetsBeMillionaire, we will post when we are ready to go long and you are right it will be a big reversal but for now, our bias is extremely bearish