GOLD (GC1!) Intraday trade - LONG
Updated
This appears to be a good area to long towards our weekly target of the 0.382 - of the weekly wave down.
On larger time-frames such - in this case, the weekly - GOLD has formed a very substantial head and shoulders pattern.
We have have not yet reached our minimum shorting zone, so for now, continue to look for LONG opportunities.
Keep in mind, it is likely that the upcoming JOLTS numbers will continue to show a slowing in the US market, which will give GOLD some strength short term.
Enter as a BREAKOUT trade.
On larger time-frames such - in this case, the weekly - GOLD has formed a very substantial head and shoulders pattern.
We have have not yet reached our minimum shorting zone, so for now, continue to look for LONG opportunities.
Keep in mind, it is likely that the upcoming JOLTS numbers will continue to show a slowing in the US market, which will give GOLD some strength short term.
Enter as a BREAKOUT trade.
Note
Keep in mind, the weekly 0.382 target is at the red box.This is around 1958 on the futures.
Note
As of 13:03, you should still be out of the trade.Remember, this is purely a BREAKOUT trade at the specified location.
Trade active
Trade is now active.News release in 10 minutes, however, it is HIGHLY likely JOLTS will be down yet again. Despite this, manage your risk accordingly.
Trade closed: target reached
Target hit.
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