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Golds quick price move increases the odds of a correction

Courtesy of Read the Ticker

golds-quick-price-move-increases-the-odds-of-a-correctionEvery market corrects, maybe profit taking, maybe of allowing those who missed out, to get in!





The current open interest on the gold contract looks to high after a very fast price move, it looks like 2008 may be repeating. A quick flushing out of the weak hands open interest may take place before a real advance in price takes place. The correction may be on the back of a wider sell off of risk assets (either before of after US elections) as all assets suffer contagion selling (just like 2008).



This blog view is a gold price correction of 10% to 20% range is a buying opportunity. Of course we may see  a very minor price correction but a long time correction, a price or time is correction is expected, we shall watch and wait.





The explosion of open interest (chart below) along with gold price suggests ‘all have loaded up’, the big boys wont like this as they will not want to share gold gains with the public, one therefore can expect some sort of wash out of the weak public hands holding of gold future contracts before a real advance takes place. 





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Gold open interest










Also price has meet channel resistance.



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Gold channel






Also price is near upper resistance of the previous high.





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Gold gann




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Changes in the world is the source of all market moves, to catch and ride the change we believe a combination
of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to ride the change, after all these methods have been used successfully for 70+ years.
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Investing Quote…



…“After spending many years in Wall Street and after making and losing millions of dollars, I want to tell you this:  It never was my thinking that made the big money for me.  It was always my sitting.  Got that?  My sitting tight!”…



Jesse Livermore





After a question on how to become a better investor professional Mr Munger responded, ..“Read history, read history, read history.”..



Charlie Munger



..”Until an hour before the Devil fell, God thought him beautiful in Heaven”..



Arthur Miller, “The Crucible”

 [Contrarian Investing]











…“To me, the ‘tape’ is the final arbiter of any investment decision. I have a cardinal rule: Never fight the tape!”…



Martin Zweig





..”The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.”..



George Soros










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