Commodities Analysis by Sunshine Profits (Przemyslaw Radomski, CFA) covering: XAU/USD, S&P 500, Dow Jones Industrial Average, NVIDIA Corporation. Read Sunshine Profits (Przemyslaw Radomski, CFA)'s latest article on Investing.com
Gold is slightly up in the overnight trading, and it seems that it has indeed bottomed close to its previous June lows. Also, the price is higher than when it was while I was sending yesterday’s Intraday Alert, in which I was taking profits off the table in case of the short position in gold that I had opened on June 20, about $70 above the closing price.
What people sometimes don’t realize is that if there are no buyers and no sellers, the price doesn’t just stay the same. It starts to fall, and it continues to fall, until buyers emerge. And if based on this fall, people get scared out of their positions, we get waterfall selling and a massive plunge in prices.Of course, I’m exaggerating to make a point. There will always be some buyers. The point is that there would not be enough of them to prevent the price from falling.
This time, the investment public appears to be making large purchases, and they are not necessarily basing their decisions on logical estimates. No. Their way of thinking might be much simpler. Nvidia tends to outperform estimates, so let’s ASSUME that those estimates will be higher and buy based on that. In other words, those who actually buy, have their own expectations that are above the expectations of analysts, and if those are not met, then the stock price falls.
This time, the sell signal was clearer than all the previous indications from it, suggesting that this might be “it”.
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