Price Action Trading | Gold – Long-term View

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The first chart we see with the huge complex descending triangle at the top is the weekly chart of Gold, which we were calling for shorts a couple of months ago.

From there, Gold plunged more than $400 (ahh… the ol’ good days of easy money shorting Gold), and subsequently staged a strong rebound of about $200. Based on the price action, we have enough clues to know that the big players will be looking for an opportunity to resume their selling, which could begin anytime they feel that prices have retraced sufficiently.

Gold 190813 W1

Now we zoom in to the daily chart, and we noticed that Gold still looks pretty bullish, judging by the lack of any selling pressure… yet. I will be monitoring this closely so that I can find the perfect time to short Gold again. When the time is ripe, I will share with my students. Don’t forget to shore up your capital to get ready for this big short!

Gold 190813 D1

For my event on Thursday, I noticed that out of the 70 sign-ups, a few were duplicates, and there might be some last minute cancellations, so after tidying up, there are 2-3 new slots open for grabs. First come first serve. 

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