After the Fed decision last week, Gold has fallen significantly. I am looking for more dollar strength. It has broken out of the lower trendline of a daily wedge, price action is coiling around the lower trendline. So I am opening a position short with my stoploss @ 1838.00 and TP1 @ 1735.00 and TP2 @ 1690.00
Trade active:
still managing this trade
Trade active:
This position is in danger of a stop out, if the CPI data on Thursday is a surprise higher. Because that would signal the Fed to be more aggressive in their tightening.
Trade active:
To manage the risk that the CPI news report presents I am closing half of my open position.