Today’s Gold Trade
Trade all you want, but the market is moving everywhere and nowhere at the same time. While dealers do their level best to hurt retail customers with wide spreads and instant $1 price moves, only to go back $1 in the next instant, the gold market lost its mojo today.
As can be expected with the worst daily range of the year, the algorithm produced a small loss today in extremely nervous trade. With indicators bunched up rather tightly, it doesn’t take anything to produce buy/sell signals.
This is the 6% of trading days that I have been talking about for months. My goal from these days is to have the smallest losses possible consistent with the leverage we use. I know if I can keep losses to a couple percent then everything is OK and that I can easily recover in the next couple of days.
What kind of day was it? It took 12 hours to put in a $10 range; it took 15 minutes to move $10 [no news, just somebody who panicked]; of course, there is no follow through. Hopefully, it will be 6 months or longer until the next one.
Have a good day everyone.