Lost 74.61 USD this week, mainly due to the short squeeze on gold on 12 September 2024, Thursday. Gold disgustingly broke the all time high and reached a new record of 2586.05 on Friday. I had to top up another 500 USD to be safe. In anticipation of the coming Fed announcement next week, I may even have to top up even more as gold may push new records just before or even upon the announcement of the interest rate drop, before my ‘sell the news’ prediction happen.
Of course, the above are just expectations. Firstly, the Fed may not do what everyone expected and cut rates. Secondly, my prediction may well be off. I have discussed my reasons on why there is no more basis for gold to go up, however we have to be prepared for short term adrenaline rush and manipulation in the market as well as for the situation where I am totally wrong.
Naturally, I hope I am able to survive this last hour darkness. We shall see again in another week.
Welfare pack for this week:
Download this week’s CFTC Commitment of Traders (big monies) analysis here.
Read more on what is the CFTC Commitment of Traders report.
Do note that the financial markets are volatile and unpredictable. The above report is only another set of tools to help with our analysis, and by no means is a 100% indicator as to what will follow. It should be used together with other necessary research which a trader or investor should do.
