The sell-off used yesterday provided further clear confirmation of our primary expectation. But the sell-off and the associated confirmation of the high remain a tough fight. As can be seen today, starting from yesterday’s low, gold will start to recover again. This again has the potential to hit the $ 1760 to $ 1785 range. Since we can set a very tight stop here, we decided to take this very aggressive long with us. As already stated in the short message sent about this, this does not change our primary expectations by a millimeter. We only saw an attractive trade here.
No longer short
This also shows that we will very likely no longer go short as gold first has to work through the interim recovery. We will not be able to benefit from this movement for the GLD, as it is currently still closed. Accordingly, we have to keep our feet still here. The same applies to silver. We took a position on the silver market this morning.In summary, we continue to expect a major correction after a short-term interim recovery. We will record these from the shortside. Until then, we see the situation in the metals like a permissive swinger couple, according to the motto “nothing can be done” and act here briefly on the long side.