Gold Traders may need to increase their meds

wackypete2

Legendary member
10,229 2,052
Just took a look at a 1H gold chart. WTF? 4000 ticks down and right back up in about 36 hours. I'm not a fundamental trader so I may be way wrong here, but from what I see the players that are large enough to move the market don't have a f**ckin clue any better than the average punter. CNBC is calling the past few hours a "technical bounce" LMAO, you've got to be kidding.

Anyone trying to swing trade that, good luck!

Comments welcome!

Peter
 

iota

Active member
172 24
CNBC is good for tits and background noise. Although European CNBC does turn up a few gems in the interviews here and there.

If you look at Gold/Silver they've completed a parabolic curve and bounced off the price they started it on. SIlver more strongly than gold. I dunno... made sense to me.
 

wackypete2

Legendary member
10,229 2,052
CNBC is good for tits and background noise. Although European CNBC does turn up a few gems in the interviews here and there.

If you look at Gold/Silver they've completed a parabolic curve and bounced off the price they started it on. SIlver more strongly than gold. I dunno... made sense to me.
Agree with your CNBC analysis (y)

Not sure I follow you on the parabolic curve. Gold price drops $40 then climbs back up $40 in about 36 hours. Tough to find that kind of price action in gold in such a very short period of time. Extend that action over a few days or a week or so, then I can see what you are saying makes more sense. Admittedly I am not a gold trader and only check the chart every so often but it just amazed me.

I haven't looked at silver.

Peter
 

iota

Active member
172 24
Agree with your CNBC analysis (y)

Not sure I follow you on the parabolic curve. Gold price drops $40 then climbs back up $40 in about 36 hours. Tough to find that kind of price action in gold in such a very short period of time. Extend that action over a few days or a week or so, then I can see what you are saying makes more sense. Admittedly I am not a gold trader and only check the chart every so often but it just amazed me.

I haven't looked at silver.

Peter
Ahhhhhh, ok!
About six months ago that wouldn't have been so wild, but yeah that's pretty extreme action.
Just meant (silver more than gold) started at 26.470, made a rough parabolic arc, then hit 26.470 on the drop and bounced off again from the same price. Obviously being a **** I didn't BTFD though.
 
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