Gold SHORT term
Updated
This is highly speculative, don't trade if you are not suited for this kind of trades.
Currently we are bouncing off from a volume void (dry).
There's two patterns on smaller time frames signaling for a bounce. 1335 was a good entry level.
Still a bounce until 1344, 1346 is possible (50 fib). I also take into account a possible ABC correction swing, currently finishing move A, starting move B.
The only purpose of this trade is to take advantage of the tight stops that it offers.
Stops at 1331.
If those levels are broken, we might find new buying opportunities. But then at 1320 even 130X levels. Not before.
Also bear in mind, according to COT report big fishes are signalling they are slowly getting out (or increasing short positions). So this is strictly technical.
Good luck!
Currently we are bouncing off from a volume void (dry).
There's two patterns on smaller time frames signaling for a bounce. 1335 was a good entry level.
Still a bounce until 1344, 1346 is possible (50 fib). I also take into account a possible ABC correction swing, currently finishing move A, starting move B.
The only purpose of this trade is to take advantage of the tight stops that it offers.
Stops at 1331.
If those levels are broken, we might find new buying opportunities. But then at 1320 even 130X levels. Not before.
Also bear in mind, according to COT report big fishes are signalling they are slowly getting out (or increasing short positions). So this is strictly technical.
Good luck!
Trade closed: stop reached
Stopped out at 31. We have a breakdown. I'll be monitoring for new entries.Cheers!
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