After the Fed decision last week, Gold has fallen significantly. I am looking for more dollar strength. It has broken out of the lower trendline of a daily wedge, price action is coiling around the lower trendline. So I am opening a position short with my stoploss @ 1838.00 and TP1 @ 1735.00 and TP2 @ 1690.00
Trade active
still managing this tradeTrade active
This position is in danger of a stop out, if the CPI data on Thursday is a surprise higher. Because that would signal the Fed to be more aggressive in their tightening.Trade active
To manage the risk that the CPI news report presents I am closing half of my open position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.