Technicals:
After Gold bullish push we are now seeing some sellers enter the market (More details in economics below) I am initially looking for a short position. After price reaches the Fibonacci Golden Zone (0.5%-0.618) I will look to move SL to breakeven and enter a long position if we see signs of rejection.
Economics:
We saw a large run on Gold when the Isreal-Hamas war started as investors allocated capital out of risk-on assets and into risk-off assets, such as Gold. There was a general fear the war could spread and involve more parties. This fear is dying down now so we are seeing Gold move lower as investors move capital back into risk-on assets. The move lower is what I will attempt to join.
The consensus pre-war was that Gold could reach the 2000.00 level, if not higher by EoY. I still see this as valid, this is the reason for hedge long position.
After Gold bullish push we are now seeing some sellers enter the market (More details in economics below) I am initially looking for a short position. After price reaches the Fibonacci Golden Zone (0.5%-0.618) I will look to move SL to breakeven and enter a long position if we see signs of rejection.
Economics:
We saw a large run on Gold when the Isreal-Hamas war started as investors allocated capital out of risk-on assets and into risk-off assets, such as Gold. There was a general fear the war could spread and involve more parties. This fear is dying down now so we are seeing Gold move lower as investors move capital back into risk-on assets. The move lower is what I will attempt to join.
The consensus pre-war was that Gold could reach the 2000.00 level, if not higher by EoY. I still see this as valid, this is the reason for hedge long position.
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