Over the last few months the macro fib extensions have been the most accurate road map to the trend in Gold price. I took advantage of the move between the 32.8% and 50% levels for a $1,500 profit using E-Micro Futures and I believe the run on Gold is just getting started. (Previous trades linked below)
The price of Gold has been marching up with every indicator calling for a pullback. It makes perfect sense that price should pullback from the all time highs however, I believe this could instead be setting up for a short squeeze to the 61.8% fib extension target around $2,070.
I opened a long position on the October(V) contract ($MGCV20) when price on the front month broke $1,900. If price closes below the 50% level at $1,880, I might reassess this trade. One way or the other, all time highs are around the corner as the dollar index falls apart during this historic time.
The price of Gold has been marching up with every indicator calling for a pullback. It makes perfect sense that price should pullback from the all time highs however, I believe this could instead be setting up for a short squeeze to the 61.8% fib extension target around $2,070.
I opened a long position on the October(V) contract ($MGCV20) when price on the front month broke $1,900. If price closes below the 50% level at $1,880, I might reassess this trade. One way or the other, all time highs are around the corner as the dollar index falls apart during this historic time.
Trade closed manually:
Gold market needs to correct lower before heading to $2000.
Closed trade $MGCV20 that I picked up @ $1,914.40
-1 @ $1,964.40
Profit: $502
Closed trade $MGCV20 that I picked up @ $1,914.40
-1 @ $1,964.40
Profit: $502
Trade active:
+1 @ $1,973.20
Repurchased a position in MGC futures.
Repurchased a position in MGC futures.
Trade closed manually:
The DXY looks like it's starting to rally.
Closed position for a $115 profit.
-1 @ $1,984.70
Closed position for a $115 profit.
-1 @ $1,984.70
