Chart Updates - Gold and Japanese yen (YCS)

 

We posted gold charts and commentary just a couple of days ago, however here's an updated look:

 

 

Uptrend looks broken, with perhaps a shelf of support (red line) in effect. 

 

Below that red line, and certainly below $1300, the extreme imbalance in COT (Commitment of Traders, at bottom of chart) would probably unwind rapidly, in which case the price of gold would drop precipitously.

 

 

We commented on, and shorted via YCS, the Japanese yen nearly two weeks ago.

 

YCS is "the ProShares UltraShort Yen ETF [which] provides a 2x inverse multiple to the daily performance of the yen spot price against the US dollar as measured by Reuters."

 

In the charts below we see YCS on the verge of breaking a year-long downtrend, and it seems that the yen itself may have already broken its corresponding uptrend.

 

 

 

 

 

Our stop-loss level on YCS remains at $58.90

 

 

 

 

 

 

 



We receive no remuneration or incentive directly or indirectly in any way, shape, or form for buying or selling the positions we do, or for mentioning any positions or publicly traded companies in this blog. If we hold existing positions we divulge the fact. This blog is merely a diary of some of our thoughts and trades and is in no way whatsoever to be considered investment advice of any kind. Always without fail consult a competent, experienced, and honest broker or investment advisor before making any investment or speculative decisions.

Please presume that we, she, he, I, me, it, them, they, us and you are purely fictional characters and that everything written in this blog is satire intended for comedic amusement only, and not to be taken seriously in any way. Just like "real" analyst proclamations. Thank you.

To be notified when this blog is updated :
Please e-mail christianguinness@hotmail.com with "Subscribe to blog" in the subject line or click here to do so automatically if your computer is configured accordingly. We have never shared our mailing list with anyone, nor will we. Please note that we only send update notifications when a trade idea is diarized or updated materially, not if a posting only contains general commentary.

This publication has been prepared solely for informational purposes and is made available on an "as is" basis. RidingTheGravyTrain (RtGT) does not make any warranty or representation regarding the information. The material is proprietary and without prior written permission from RtGT it may not be reproduced, copied, modified, performed, published, distributed or broadcast, in whole or in part, in any form, other than for your own personal, non-commercial use.

Nothing in this publication is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, nor a solicitation of any type. Nothing in these pages constitutes an offer or a solicitation to buy or sell a security nor is it to be construed as investment advice.

RtGT is not an investment advisor. The general opinions and information contained herein should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional concerning your own situation and any specific investment questions you may have. RtGT cannot guarantee the future performance of any investment.