The trade here is basically based on sentiment and not actual technical analysis altho there are some technical aspects that support the move. Saving this for future reference.
Ps. the idea is that it was a panic sell and price will catch up to the parabola again. But lets see.
Ps. the idea is that it was a panic sell and price will catch up to the parabola again. But lets see.
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The technical aspects that support the move is it came from a higher high, and its forming a lower high relative to the area around december where it broke out from so its forming a larger parabola overall. however i dont think sellers will show up until it reaches the green area. i dont think sellers will be confident its "over priced" until then. But lets see
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DISREGARD PREVIOUS COMMENT
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Spelling corrected comment:
The technical aspects that support the move is it came from a higher high, and its forming a higher low relative to the area around december where it broke out from so its forming an even larger parabola overall. This suggests to me that sellers will not show up until it reaches the green area. There wont be any confidence its "over priced" until then. But lets see
The technical aspects that support the move is it came from a higher high, and its forming a higher low relative to the area around december where it broke out from so its forming an even larger parabola overall. This suggests to me that sellers will not show up until it reaches the green area. There wont be any confidence its "over priced" until then. But lets see
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Just realised this isnt the price of gold. Its the price of a paper gold contract. And considering the financial system is in jeopardy because of all the debt, then it makes sense little to no-one wants to buy and hold a paper gold contract at the moment.
