Golds rise this year has been extraordinary, moving around 4000 pips since the start of the year, and most recently powering straight through the previous ATH. I remain bullish on gold for the long term, but this move should so some correction.
I am currently short aiming for the 2900 level - this level although over 1000 pip move, represents less than a .382 retracement of this years move, and also hits a nice .618 retracement from the breakout of the previous ATH.
Invalid if we close a new high.
I am currently short aiming for the 2900 level - this level although over 1000 pip move, represents less than a .382 retracement of this years move, and also hits a nice .618 retracement from the breakout of the previous ATH.
Invalid if we close a new high.
Trade active
Great reaction to this trade it got as much as 535 pips into the profit on Fridays early NY session, SL now in small profit and looking for reasons to exit, if we look to be closing under 3020 I will be holding for next weeks move.Trade closed: target reached
I was off the charts on Friday evening at the close, I wouldn't have wanted to hold if it closed over 3020 - luckily the movement was good today nonetheless.I have closed half the position for 400 pip move, holding the other half to push lower.
Possibly looking to add if we test and reject the 3030ish area again.
Note
Added to the short for a short day trade, entry at the rejection of 34 - SL above the zone of support at 41 and targeting PDL around 3000 mark. 1:4.7 RR
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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.