A week ago everyone was cheering as gold and other commodity markets were making new highs. Last week however, things changed as everyone seemed to want to jump through the same door, at the same time, putting a great deal of downside pressure on many markets.
This phenomenon sometimes happens when people have multiple positions in multiple markets in the same direction. When they start to take profits, there is no one left to buy.
Short-term traders exit long position on a RED Daily “Trade Triangle” @ $1,382.62 today and remain neutral for now. This short-term trade produced a profit of just over $17 dollars an ounce.
Intermediate and long-term traders hold long positions.
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Following the gold market as we do here at MarketClub, it was amazing that nobody, and I mean nobody, was bearish on this market. This always creates a problem as the markets tend to reverse when everyone is on one side and there's no one else left to buy.
Another tip-off was on Fox Business News and also on CNBC indicating that gold was going to hit $1400 almost immediately. Well after Tuesday, we know what was to happen to the price of gold. If gold were so strong, should it really have gone down almost $70 in 4 days?
Continue reading "The #1 Reason Why Gold Collapsed (New Video)"
I have just finished a short video on the S&P 500 that I believe is worth watching. In this video I detail out a particular chart formation that has proven to be very reliable in the past. If I'm right, we could see a further move and run in the S&P500 to the upside.
The video is free to watch and there are no registration requirements.
All we ask is that you comment on our blog about this and other videos that we have made.
All the best,
Adam Hewison
President of INO.com and co-founder of MarketClub
A little while ago we made a video that projected some amazing levels for gold. Given the strong upward trend in gold and the price action on Tuesday the 5th of October, it is worthwhile looking at this video again.
This is a short video, but it will certainly give you some interesting price targets for gold that are based on sound trading principles. I hope you enjoy the video, and as always we would love to have your feedback on our blog.
The video is free to watch and there are no registration requirements.
All the best,
Adam Hewison
President of INO.com and co-founder of MarketClub
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