| That's true. I see a lot of call positions on gold majors, combined with put positions on XAU, so I'm no longer sure if we have a bounce that high on XAU. Could be back to the trend line, which makes your 70 XAU top. On the other hand, as XAU November puts are rotated into December puts, this may eliminate the opportunity that existed on the short side of the trade. The key is the dollar, which bounced from 103.54, a long term trend line (ino has wrong quotes). If the dollar decides to break it and fall now, gold will go to 360 and XAU will improve a lot now. If it decides to have a stronger bounce, gold will fall, probably into mid-December. I have no doubt that 103.5 support will be broken for the dollar eventually, but the bounce will buy some more time for it. |
