XAUUSD: RgMov alerts of a possible decline
Updated
Gold is testing the Key FOMC level, and has hit my daily and weekly 'time at mode' targets.
RgMov (Tim West's proprietary trend/sentiment analysis indicator) is not confirming the recent highs while we have tested the yearly MA (253 periods simple moving average), making me think we'll see a healthy correction in this rally.
I'll be entering shorts here, and aiming for a retest of the mode in the near short term.
This doesn't imply the uptrend's dead here, merely that it might cool down, before resuming.
For the time being I'm out of gold longs, but willing to long silver on retrace, making this a pair trade (short gold/silver ratio).
Stop loss has to be above the current resistance, I'd reccomend 1-3 daily ATR stop, and target a retest of 1076, or even down to 1060 give or take.
Good luck if taking this trade.
Cheers!
Ivan Labrie.
PS: see related ideas, it's time to long the market and short gold (and possibly time to short the gold/silver ratio)
RgMov (Tim West's proprietary trend/sentiment analysis indicator) is not confirming the recent highs while we have tested the yearly MA (253 periods simple moving average), making me think we'll see a healthy correction in this rally.
I'll be entering shorts here, and aiming for a retest of the mode in the near short term.
This doesn't imply the uptrend's dead here, merely that it might cool down, before resuming.
For the time being I'm out of gold longs, but willing to long silver on retrace, making this a pair trade (short gold/silver ratio).
Stop loss has to be above the current resistance, I'd reccomend 1-3 daily ATR stop, and target a retest of 1076, or even down to 1060 give or take.
Good luck if taking this trade.
Cheers!
Ivan Labrie.
PS: see related ideas, it's time to long the market and short gold (and possibly time to short the gold/silver ratio)
Note
I'm short, averaged my entry before the close. It looks like we reached a sentiment extreme, possibly the top.Note
Note
Look at the reaction to the top FOMC level...
Note
Time expired for the daily and we have a bearish look now. After today's close we could attempt shorting towards the daily mode at 1095.Trade active
Shorted 1258 as a pair trade with oil.
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