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Today's price action on the top200 may explain somethings I am looking. The level in orange horiz goes all the way back to pre-pandemic high so a KEY level. Friday's massive red bar is on strong volume could have been flushed out by the sellers. That pin bar indicating a reversal off that key support speaks volume to me if it maintains this recovery mode into the close, the last hour decides so it is wait for the close.
Technically XJO is on a 6 months sideway action without talking about taper tantrum and all those frightening triggers so if the recovery pans out from here on and breaks the double top peak, a break will usually cause quite a violent breakout in the ST momentum. Of course if this recovery is just a dead cat bounce based on the US stock indices momentum which is more likely, everything will sell off and gold is no different. At the stage the so called quality ones in any sectors will have a stronger chance of that recovery while those just based on a story maybe stuck until the next euphoria whenever that happens.
I don't believe gold and the sector is a safety hedge when when fear drives the 'sell first and ask Q later' mentality. My 2 cents based on listening to others MUCH more knowledgeable suggest it is either recession or stagflation we are heading into. Glass half full or empty. Subject to no Ukraine war, the strong stock bull trend will take a lot of beating before we see the pandemic style meltdown. This is what I am hoping anyway, prepare for the worse and hope for the best. I never like January after the X'mas rally, always find it a bull trap in the past.
Just my 2 cents and an elaborate way of saying I don't know what I am saying ..... LOL
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$1.18 |
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---|---|---|
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No. | Vol. | Price($) |
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12 | 141808 | 1.170 |
7 | 167837 | 1.165 |
7 | 188946 | 1.160 |
3 | 83340 | 1.155 |
Price($) | Vol. | No. |
---|---|---|
1.180 | 61950 | 7 |
1.185 | 32317 | 2 |
1.190 | 184983 | 14 |
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