Wednesday, July 29, 2020 12:02:17 AM
On the RSI it has not turned down and is still rising, so that RSI down sloping tendline might still be broken to the upside.
I agree on the cot contracts. Also, as I counter for consideration at minimum, Commercials could stand to have wider dis-balanced as the non-commercials do.
Also, see the slow stochastic, which is still very strong and well imbedded. The up trend therefore still intact.
Weekly Gold chart:
http://schrts.co/pxUbNjVf
On the Fed and political party idea, Trump loves division and discord, has no wealth but maybe Gold, will directly benefit from higher Gold, is about benefiting himself, and is gunning for appointment of Gold standard proponent Judy Shelton to the Federal Reserve.
https://newrepublic.com/article/158629/judy-shelton-donald-trump-federal-reserve
Wilder times.
I like your jdst intent, in theory, yet consider it's dangerous to go short in a strong bull market. But longer term, look how much lower that 200 week moving average is. Gold back to $1400 looks very realistic based upon the current chart. I'd want to watch my jdst trade attentively, though likely profit to be had with entry timed correctly.
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