Gold Gold Daily Video, December 21, 2022

[Sive Morten]

Good morning,

Gold also is driven by surprising USD weakness, which in turn has happened due JPY action on a background Japan Gov Bonds collapse. We think that now it would be better to wait when market calms down a bit, as we do not exclude re-testing of the top and reaching of 1824$.

 

[stelore]

Hello Sive,
thanks once again for your job, many years following you are always been useful.
I had the luck to open a sell right on top at 1823, may I ask you where do you suggest to put the SL in this case?
I take this opportunity to wish all the best for Christmas Holydays to you and everybody in this Forum.

 

[VinceStern]

Thanks Sive. @stelore perhaps close at breakeven and wait for further confirmation of reversal as the XOP dangling above the previous top is quite likely to be washed out. Otherwise there are no clear levels nearby to hide your stop, perhaps a 1.13 or 1.27 fib extension of previous top 1835 - 1840.

 

[Sive Morten]

Hello Sive,
thanks once again for your job, many years following you are always been useful.
I had the luck to open a sell right on top at 1823, may I ask you where do you suggest to put the SL in this case?
I take this opportunity to wish all the best for Christmas Holydays to you and everybody in this Forum.

Hi Stelore,
In general Vince has said everything correct, your stop has to be above XOP that we've mentioned, to get market room to wash out stops above it. Currently, as market is pulling back a bit, you could move stops to b/e.