Long

Updated

XAUUSD Long Part 2

Here we are. Hopefully some of you profited on part 1. Gold pulling back on the good US data and the lack of geopolitical updates on the Israel-Palestine war. The war is still so gold is still a buy on pullbacks.\

Here are 2 zones I am still looking. I think the purple zone can still give some pips. I won't hold it long term if it hits the zone and will hope for a deeper pull to the green zone

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Here is a better view

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Both zone gave some pips. Purple zone wasn't perfect but it still gave some pips

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I expect some profit taking at the red zone. If you got the balls, take a quick short them

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don't be greedy and take profit at the purple zone

Trade closed: target reached

target reached on the short term trade.

The green zone buy... you do as you wish

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This is why I said don't be greedy

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This is the whole move from the green zone
390+ pips

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580+ pips

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650 pips

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I expect some profit taking at the red zone before FOMC minutes

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This level is important coming into the FOMC minutes. Will they remind the market that the Fed will be prepared to raise interest rate if it needs to. It could be a reason for market participant to take profit on their USD shorts.

It is not a bad spot to take some profit on the longs and try a high risk short (if you got big balls)

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80 pips profit from the high risk short

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120+ pips from the short

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830 pips

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Anyone still in that trade, take some profit and leave a % of the trade in to be able to hedge the short. We will look to take a short risk free with the runner at that big red zone. There will be some sellers waiting there and we could profit on a short, risk free.

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I personally think we will make an all time high on gold for a few reasons.
-Market thinks Fed is done hiking and we could see some rate cuts next year -- bearish USD

-Seasonality on Gold in December and January is very strong

-We still have the Palestine-Israel war going on.

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