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I am just an amateur part-time trader (on my free time) with a full time job and I am not good at compartmentalising (I will work on it). So I let go / miss the Coffee futures (was waiting at 104 approx to go long), even the Platinum (after a long consideration/assessment) currently +2.8% today (markets not closed) and I focused on Gold and Silver. I took an additional relatively large position on GDXJ (VanEck junior gold miners ETF) and I doubled my position in Silver (with ETF GAM physical hedged into chf).
I do not think there will be any real steps forward at Osaka G20 between Trump and Xi Jinping.
Even if I am wrong for G20, Silver at this price on a long term view is a good bargain.
PS I almost finished to read the last annual report of 'In Gold We Trust' (links given in the previous message). It is an amazing piece of work and it is so completely in adequacy with the current environment...
I read a couple of weeks ago Ray Dalio: 'principle for navigating big debt crisis" but the report is so much more interesting in terms of practical information...I can only highly recommend it.
In 2008 - 2011 I was not so much involved in equities, I just followed the situation and took note, but since I entered actively in the market in 2012 I have in mind what is going to happen and I am preparing for it...I think I am ready now...
Temporarily I doubled my investment in Platinum (via GAM physical ETF redeemable and hedged into chf).
By the end of the year I will sell the PHPT ETF (not redeemable and in USD) as I lost money there since 2016 to reduce my profits for this year and pay less taxes. So at the end of the year my platinum position will be similar than the one before the purchase.
I expect platinum to reach at least 900 by the end of year, maybe 960 (by January -February 2020) and maybe 1000 by end of 2020. Of course it can go as well to 760 and stays around... There are ongoing negotiations between South African unions and the miners companies and on top of that platinum should catch up a little bit with palladium and gold while South African Rand should strengthen in comparison to the USD.
My diversification/reallocation is almost finished now, ahead of time as my target was end of 2019, so I will stay quiet for a while...
I sold a naked put of Copper (HGZ19) with a strike at 2.55 expiry end of November (December contract).
Rationale 1-COT is bullish (commercials are buying they are optimistic or they have better information than the others) COT index is close to 3 year high 2-China demand is still relatively strong 3-Supply is tight (today was an announcement of a delay from Rio for the starting of the 3rd to be bigger copper mine) 4- 2.55 is with a safety margin as I consider that 2.6 should hold on a technical analysis point of view. 5-Seasonality is neutral at 5 y and favorable at 10 y and above.
PS On a mid term technical analysis point of view, refer to my graph p.5 that could point to a beginning of a phase 3 Elliot wave.
One can say how can you be bullish on Copper and at the same time bearish on the stock market to invest heavily in precious metals? Good question...Anyway we are talking of end of November and I can buy back my naked put at 70% profit if it goes to that direction...
Can anyone helped me with establishing charts for Gold futures? Have been day trading Gold since late Jan19 using the Globex chart but have only recently begun a deep dive into market auction theory. I know pit session is 8.20 - 13.30 EST and am setting up my charts to better reflect open/day types. My only issue is how do I account for the balance of the Globex session?
Initial thought is to have an "Overnight" chart for 13.30 - 17.00/18.00 - 8.20 EST.
Another thought is to have the entire Globex session on one chart and have separate profiles for the pit session and the entire Globex session. I would then plot the IB of the pit session for determining open/day types.
I am sorry but I do not get your point. This is done automatically by the charting platform that you are using no? Eventually you can adjust some parameters...
What is the problem for you with such a 60mn graph?
I was waiting for this breakout for a long time for Silver (the multi-year diagonale resistance). Of course by nature it is supposed to be broken sooner or later. MA200 to go over and pathway is clear after that.
Something is going on with gold (source goldhub)
"Central banks bought 224.4t of gold in Q2 2019. This took H1 buying to 374.1t – the largest net H1 increase in global gold reserves in our 19-year quarterly data series. Buying was again spread across a diverse range of – largely emerging market – countries.
Holdings of gold-backed ETFs grew 67.2t in Q2 to a six-year high of 2,548t. The main factors driving inflows into the sector were continued geopolitical instability, expectation of lower interest rates, and the rallying gold price in June"
After Powell's comments yesterday gold went down but 1h20 before closing of WST, volume are +366% in comparison to an average at a similar time of the day (Barchart data) and I join the 1h graph (on top of that oil is sinking)...
