XAUUSD: Weekly trend signal active
Updated
It seems there is a mid term opportunity to be long precious metals for 12 weeks here. I'm long since last week again, as a way of reducing risk from my net long equities exposure (roughly 21% net long, I'm short 
AAPL, 
AMZN, 
NFLX, whilst long 
TSLA, 
BAC, 
INTC).
Upside in gold can reach as high as upper 1700s, if this signal pans out favorably. Risk is a drop below last week's opening price give or take.
A good opportunity would come if prices retrace this week, or in the next 2 weeks, but it seems unlikely to occur.
Currently I'm holding a 1/2 position, with room to add more exposure if needed. My longer term view hasn't changed, stocks are likely to keep rallying during 2020 and until mid 2021 possibly. A major move in gold is still a lower probability scenario, but it's always good to buy it periodically as insurance when there's downside risk in stocks.
Cheers,
Ivan Labrie.
AAPL, AMZN, NFLX, whilst long TSLA, BAC, INTC).Upside in gold can reach as high as upper 1700s, if this signal pans out favorably. Risk is a drop below last week's opening price give or take.
A good opportunity would come if prices retrace this week, or in the next 2 weeks, but it seems unlikely to occur.
Currently I'm holding a 1/2 position, with room to add more exposure if needed. My longer term view hasn't changed, stocks are likely to keep rallying during 2020 and until mid 2021 possibly. A major move in gold is still a lower probability scenario, but it's always good to buy it periodically as insurance when there's downside risk in stocks.
Cheers,
Ivan Labrie.
Note
#XAUUSD built a new accumulation level higher here, reinforcing the idea of a big trend to come, let's hold and wait, we may add to it if we see a bigger move up this week, or during next week on close Note
This is how the weekly signal that confirmed today looks like for #XAUUSD, targets on chart, if we hold over 1502.46, we will see this rally pan out Note
I sold at 1600 ish and bought back near 1580 but price didn't hold support yet. I have a stop at 1551.06 for this last entry, if it holds, it may resume the weekly trend, else I take a hit and lose part of my profits.Trade active
Good low risk buy, in the 2 month timeframe, weekly trend still active technically.
I bot back a gold only long position.
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
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.