Gold appears to be approaching a key zone of interest, but this time I am long and looking for a breakout. As shown in the charts we can see that gold is heading right for a trendline resistance + golden pocket and it is starting to top out on the oscillators. This tends to be a banger recipe for a rejection but I think this time around could be different. This time could be different if the dollar manages to stay below it local high of $9.28. I can see that the dollar will likely retrace back to around $106.27-42. I plan to hold onto my longs from $1,750 until at least the GP + Trendline. I plan to watch and observe reaction at this area and set a stop in the money. If it breaks out, great, if it gets rejected, sounds good, I'll have my stops set in profit.
With my target on the dollar, I think gold will likely reach $1,788 minimum, if not breakout. Lets get it.
Sidenote, I use 20x leverage trading Gold. This is a good way to amp your trading profits in a slower moving market such as metals. Please use proper risk management when using leverage.
With my target on the dollar, I think gold will likely reach $1,788 minimum, if not breakout. Lets get it.
Sidenote, I use 20x leverage trading Gold. This is a good way to amp your trading profits in a slower moving market such as metals. Please use proper risk management when using leverage.
Comment:
I have added to position. DXY with a massive bearish divergence. Stop loss is around $1,715