my medium term view on #Gold.

I had 2020 as the ultimate target for bulls and expected profit taking to happen between 2017-2020 price area, but price action managed to almost touch 2075 before getting stopped.
the wave down in my opinion is from profit taking, and now that it has touched the midway support level 1881-1901 price area (based on weekly chart historic levels) I ran my algo on the chart again with the new pivots in the calculations, and now you can see the purple lines of it.

now I believe we are either going to see a bull run immediately following the red candles from that small blue box (after touching the purple line) aiming to break the 2075 high (but only slightly. basically touching the top purple line a bit further in the future, just enough to take out stops behind the 2075 high.. my guess is 2081)

OR we the price is going to gradually climb down towards the PRZ area (big blue box) for the rest of the month to close the monthly candle around 1818 price area.

I obviously don't have an orb telling me the future, I'm just sharing my personal opinion. I'm not suggesting any trades here for you guys :D

LIVE: President Trump News Conference | 5:30pm Eastern
https://youtu.be/es2rEJAEMAQ

interesting. will it get stopped here and continue down? or will it range inside this area and climb higher?
we'll see soon enough

#update

I'm going to close this week's trading here.
we have grossed 400 green pips this week (linorth.com/signal-stats) so I think we can end the work week here.

we now only have the #GBPCHF trade running so that will either add 45 pips more or will cost us 45 pips which is fine both ways.. we can't win all the time! haha

I will still keep an eye on the charts to alert you if I find a good trading opportunity.

Thank you all for the support.
have a nice day wherever you are.

Regards
@Linorth

from next week I'm going to take the same trades I share via the bot on this account:
https://www.mql5.com/en/signals/802901

I haven't used this copy-trading platform before so this is mostly a test out to see if it works properly in terms of copying trades fast enough for subscribers. we'll see how it goes.

Last week and this week have really been rough for me personally. I kept getting mixed signals from my system and had to revision and make some tough decisions.
when the fundamental data and technical price action are at odds, I find it really hard to make trading decisions and usually I would just stay out in these periods but with signal service having its time element and other factors I need to take into account (clients getting filled on trades etc..) it was a tough week for me to issue signals.

I'm getting my dev to work on adding a trade copier EA to replace the MQL5.com platform, so I can be in charge of this time element of the project, so whenever I feel like I need to stay out I can just add to subscription periods so clients don't have to keep paying money to keep their accounts connected to mine when I'm not in the market. basically avoiding the off days from affecting subscription periods. and it can also allow me to lower the price for subscription back to around $25 per month, to basically let people choose between manual and automatic services purely from preference (some might want an exact copy of my trades and some might just want a look over my shoulder while they do their own thing)
for now we are looking at third party products and ways to integrate them into our system but I think I will be able to add it very soon.

sorry for lack of activity on this channel in the past couple of weeks, hopefully things turn for the better soon enough and I will be able to pump more life back into this channel.

Scheduled events

for the most widely-traded currencies, that may also affect indices and commodities. Times are GMT+3.


Tuesday, 8 September

02:50: JPY – GDP

09:00: EUR – German Trade Balance



Wednesday, 9 September

17:00: CAD – BOC Rate Statement

17:00: CAD – Overnight Rate



Thursday, 10 September

14:45: EUR – Main Refinancing Rate



Friday, 11 September

09:00: EUR – German Final CPI

09:00: GBP – GDP

09:00: GBP – Goods Trade Balance

15:30: CAD – Capacity Utilization Rate

15:30: USD – CPI

All times are GMT+3

With US unemployment falling below %10 and average hourly earnings falling short of expectations in August NFP report, its a sign that we are getting further away from the Feds goal for inflation (%2.25-%2.5) so its fair to expect more pumping of dollars into markets.


Im already bullish on gold and on the sell side of the USD for this week.

Lets see what happens!

Very simple gold analysis. The rally seems to have begun already.

Im staying with it till 2060 and will look to get out around there.

Warning of potential volatility

Scheduled events
for the most widely-traded currencies, that may also affect indices and commodities. Times are GMT+2.


Tuesday, 3 November
All Day: USD – Presidential Election
05:30: AUD – Cash Rate
09:30: CHF – CPI

Wednesday, 4 November
15:15: USD – ADP Non-Farm Employment Change
15:30: CAD – Trade Balance
15:30: USD – Trade Balance

Thursday, 5 November
14:00: GBP – Official Bank Rate
21:00: USD – FOMC Statement
21:00: USD – Federal Funds Rate

Friday, 6 November
15:30: CAD – Employment Change
15:30: CAD – Unemployment Rate
15:30: USD – Non-Farm Employment Change
15:30: USD – Unemployment Rate

All times are GMT+2

This is a very important week for not just the USA but for the rest of the world too.
its going to be a wildly volatile week, but regardless of the outcome (my bet is trump winning re-election) both candidates have already said they plan on passing the next stimulus package asap. so we can expect more pumping of USD into market weakening the currency and pushing commodities like gold and cryptos higher.

I've been putting everything on pause waiting for the election to pass and once the dust settles I'm going to resume issuing trading signals via the bot (@linorth_bot) and posting analysis both here on this channel and on Instagram account of my website (@TradingWithLinorth)

According to a Nov. 2 announcement from The Reserve Bank of Australia, or RBA, the financial institution will be partnering with the Commonwealth Bank, National Australia Bank, the financial services company Perpetual, and software company ConsenSys on a project to explore the potential use of a wholesale central bank digital currency in the country using “Ethereum-based distributed ledger technology."

JP Morgan and Morgan Stanley banks have both warned that if early results of election lean more towards the democratic candidate, the stock market is likely to experience a significant crash.

____
this election's final result may be delayed a bit more than previous election, due to huge amount of mail in voting which takes time to be counted completely. but as more and more voting data comes in, the market is going to fluctuate widely. its best to stay out and watch but if you decided to go in, dont forget to use proper stoploss for your trades.

Financial markets are likely to wait another 6 hours for the first confirmed results and all eyes are on Florida as per usual.

The mail in ballots havent all arrived in time and since dems believe their party has had the most participation in mail-in voting, its very likely for the drama to continue for at least another 3 days.

________

this is the closest we can get to having a super bowl like event in the world of trading 😂 its just a lot more nerve racking 😂

Biden now has taken the lead in Georgia and is very close to winning the election.
however, no matter who becomes the president, he is going to have the toughest job ever, uniting a nation that has never been this divided.

As far as the market is concerned, speculators had an easy job so far betting against the dollar as the next stimulus package is almost guaranteed at this point.
Biden winning might send the stock market into a strong dive due to his tax plans so we initially might see demand for USD raising (maybe even a small fall in gold as profit taking happens for buying in the dips) but in a mid term view, we can expect more inflation and an overall rise in price of commodities like gold beyond their recent historic highs.

the only thing Im worried about now is Biden winning and Trump refusing to accept the results and even maybe inciting violence. that could rise the uncertainty in the market again and push investors into repeating the same behaviour as the beginning days of tradewar.


eitherway Im tired of waiting around because of this seemingly never ending chaos and from next week will get into doing some scalping and small swings on lower time frames.
will try my best post a video review of the charts during the weekend to put here as well.

Bundesbank says German GDP could stagnate or shrink in 4Q after virus flare-up. Consensus GDP forecasts for Q4 have collapsed to 0%

NY FED Q4 GDP forecasts has also been dropping.


______

more QE is very likely to be on the way.

#Gold ETF holdings dropped another 322k oz yesterday, thereby taking the post-vaccine announcements drop to 1.7m oz. due to loss of momentum we might see gold trading lower short term, but I see no reason to alter my overall bullish long term view based on USD yields and inflation.

I have added to my long position today and I have my PRZ area at 1750-1771 price area and will add more to my longs if price reaches there.

#Gold was bought after the vaccine news failed to force it below key support at $1850/oz. The net long rose 10% to 122k after hitting a 17 mth low the previous week. #Platinum bulls responded to the 5% price jump by lifting the net long to 6k lots