Gold dipped on Wednesday losing more than 2% on the day as the US Dollar continues to strengthen. Yesterday’s big fall is reinforcing the bearish outlook in the gold market and puts new support areas in focus. At 1.379 at the time of writing, yesterday’s fell off looks far from coming to an end. Key support for the bears to watch sits at April’s lows, at the 1.334 area. A break below that area would open the door for abrupt declines towards the psychological important 1.30. We do expect to see a lot of noise in the 1.33 area however and a renewed interest in the precious metal cannot be excluded. For the short-term outlook in the market to change we need to see a break above key resistance level at 1.418. In the case, we expect the precious metal to continue its grind higher to 1.470. Dafni Serdari Market Analyst Disclaimer The comment in this blog is the personal opinion of the contributors and not InterTrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser…
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The first piece of advice usually given to an aspiring trader is the well-worn phrase “The trend is your friend”. Trend following traders identify one-way patterns and attempt to ride them for as long as possible. According to most seasoned veteran traders countertrend trading is irrational and it is usually associated with novice trader’s practices. One of the most fierce advocates of the countertrend strategy is the well-known trader, who coined the “Black Swan” term and introduced probabilistic thinking in the financial markets, Nicholas Nassim Taleb. The objective of the countertrend approach in a nutshell is to experience a large number of trades with relatively small losses in order to catch a change in the existing trend, based mainly on the idea that if a market moves in the opposite direction to what is largely expected, it could move significantly. Most academic theories considered as modern finance assume symmetry in market returns and are based on the idea that investors are rational and markets are efficient. Investors may be perfectly rational when they examine charts and develope strategies on the weekend, but once they enter a trade things are quite…
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