So I managed to dump my GLD holdings Tues premarket (left a comment on one of my posts Tuesday morning) because I realized that gold was doing a three drive pattern, got a pump at the end which started to sell off premarket. Not to mention, it had hit the target I posted with the big green arrow.
Also, we have confirmation that my 3 hr indicator does work on GC, it bounced when MFI hit my red line. Did not play it, and it’s a pretty weak bounce. GC isn’t behaving the same as it did on its way up, I think there are bagholders that bought on the way down that are selling now on the way up. Every pump pump just gets sold off, there were some pumpers afterhours today, but that pump sold off and looks to me like it wants to go red tonight.
Going to wait until I see a big move before I play this again. I think the only reason why it’s a little green tonight is because they’re pumping commodities, and gold is a commodity. The Euros might sell it off though, seems like they are always the sellers, guessing the gold algos are mainly run by them.
I don’t plan on shorting but if you do, the time to do it is when MFI hits overbought.