4 thoughts on “Gold, GDX, Stocks, Crude oil, 22 June 2020”
Thanks for this new update, great stuff.
Monday and Tuesday we tend to see counterflow on Gold when going into the US session. Most often that is when the low is formed for the week unless major news items are scheduled like FOMC or NFP
I’m also looking at the possibility for end of quarter Profit taking at the end of June and a correction into the first weeks of July before a clearer run up into August and september.
Therefore my trade idea is to catch an entry as low as possible at the begining of this week, bank most profits on the Sunday open, protect the trade and let the remainder run just in case gold does have a parabolic move to the upside
Good plan. Would be nice, though, to see this rally run a bit further than the end of this week.
It would be interesting to see if Monday and Tuesday are really the main turn-around days; I will make time to back test that soon.
Here are a couple other behaviours that can be observed with Gold: when the monday is a bank holiday, the low of the week can be délayé to the Wednesday, again going into the US session.
The price tends to start ramping back up after the European sessions close. From what I’ve been told, this is due to London being majoritarily sellers on Gold.
Also, if gold gets smashed on non farm payrolls on a friday, the counterflow on the following week is often limited.
Here are a couple other behaviours that can be observed with Gold: when the monday is a bank holiday, the low of the week can be delayed to the Wednesday, going into the US session.
The price tends to start ramping back up after the European sessions close. From what I’ve been told, this is due to London being majoritarily sellers on Gold and exiting their positions by the end of the session.
Also, if gold gets smashed on non farm payrolls on a friday, the counterflow on the following week is often limited.
If you do any backtesting, you may want to try and take these nuances into account.
With what to expect going into July, I’m leaning towards tradable weekly ranges on the long side, but with an overall corrective trajectory. This is what gold tends to do in July in US presedential election years.
Thanks for this new update, great stuff.
Monday and Tuesday we tend to see counterflow on Gold when going into the US session. Most often that is when the low is formed for the week unless major news items are scheduled like FOMC or NFP
I’m also looking at the possibility for end of quarter Profit taking at the end of June and a correction into the first weeks of July before a clearer run up into August and september.
Therefore my trade idea is to catch an entry as low as possible at the begining of this week, bank most profits on the Sunday open, protect the trade and let the remainder run just in case gold does have a parabolic move to the upside
Good plan. Would be nice, though, to see this rally run a bit further than the end of this week.
It would be interesting to see if Monday and Tuesday are really the main turn-around days; I will make time to back test that soon.
Here are a couple other behaviours that can be observed with Gold: when the monday is a bank holiday, the low of the week can be délayé to the Wednesday, again going into the US session.
The price tends to start ramping back up after the European sessions close. From what I’ve been told, this is due to London being majoritarily sellers on Gold.
Also, if gold gets smashed on non farm payrolls on a friday, the counterflow on the following week is often limited.
With
Here are a couple other behaviours that can be observed with Gold: when the monday is a bank holiday, the low of the week can be delayed to the Wednesday, going into the US session.
The price tends to start ramping back up after the European sessions close. From what I’ve been told, this is due to London being majoritarily sellers on Gold and exiting their positions by the end of the session.
Also, if gold gets smashed on non farm payrolls on a friday, the counterflow on the following week is often limited.
If you do any backtesting, you may want to try and take these nuances into account.
With what to expect going into July, I’m leaning towards tradable weekly ranges on the long side, but with an overall corrective trajectory. This is what gold tends to do in July in US presedential election years.