Long

Updated

GOLD - The range rider

This idea is simple. It seems that the 2016 high will be the line in the sand.
As I posted a few hours ago in this idea I entered a long position at 1389-1391:

Target : 1440$.

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I still have a range, but after the morning drop I see a triangle forming:

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We were unable to tag 1383 two times in a row.
So this more and more looks like a triangle.

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Following the triangle pattern. This bounce was nasty.
Almost everybody is short.

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Powell's testimony is an hour from now.
The bounce was caused by currency movements

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XAUEUR is bouncing too. +0,5%

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It's just a guess but I think the testimony speech went out , so a few insiders already have read it and they started to buy.
If it is the case he will talk about the rate hikes at 16:00 Budapest time.

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*** Rate cut

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Very strong...
The dip was bought in the same hour.

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FED minutes 2 hrs and 15 minutes from now.

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Many' Fed officials said in June they'd be willing to cut interest rates if uncertainty still weighs on outlook, minutes show
Only a few FED officials argued against the rate cut in June - Minutes show.
Asia will buy this.
Path is clear.

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Getting close:

Trade closed manually

Close enough.
Waiting for the next setup. Breakout from the triangle, or the lower trendline again.

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We might get back into the long position soon, as it looks like a flag now.

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Let's see what happens at 1419$.

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Beautiful

chartwatchers

Also on:

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GOLD - Play it again Sam

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chartwatchers

Also on:

Related publications

GOLD - Play it again Sam

by chartwatchers