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Gareth Soloway reported successful financial positioning after shorting oil over the weekend, following what he described as 'very good' talks between Donald Trump and Iran. Soloway anticipated a pullback, discussing his outlook on Friday and citing bearish chart patterns along with political considerations regarding the upcoming U.S. midterms and inflation.
He stated that banking the trade was based on his expectation that Trump would back off and that market signals aligned with his analysis.
Soloway previously projected a move in oil prices to $100 following strikes on an Iranian tanker, indicating he would not consider shorting until that target was reached in that analysis. He has also identified bearish signals in the precious metals market, noting further downside risk for gold and silver in earlier commentary. These assessments reflect a pattern of closely tracking technical setups and geopolitical developments.