Some big stop losses accumulating in the gold market. Â They should be pretty easy to spot.
The big stop losses have been accumulating above $1,845. Â It has stop losses from the chart pattern followers who see an ascending triangle and want to buy a breakout. Â They have placed buy stops above the highs.
There are also traders who are short from the highs above $1,875 and if they have not covered their shorts yet, many of them see the resistance at $1,840 and decide to trail their stop losses above those highs to lock in some profits. Â They figure if that resistance level is breached then gold can just shoot up higher.
Nice concentration of stop losses there.
Will they get triggered? Â To know, you can read up on my previous gold article: