I like gold long in the long term. but its been running from December now. it rejected at 200 MA, also 1250 is a strong resistance. RSI topped triple times at 70. i think its a good quick short with 200 MA stop loss and target on 100 ma or 1200s, before going long again. good 4 to 1 risk reward at this point. i dont have a forex account so i trade bullish or bearish ETF, my favorite one was AMEX:JDST so i am long AMEX:JDST .
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Gold showing some weakness and attempting to test 1238, if it breaks will confirm the downtrend and all full size. since the next resistance is at 1220.
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gold finally broke resistance and for me is done, my average in JDST is 16.8 and my first profits will take on 20.
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gold almost on our fist target, 1220s and i will take some here and 1200. i am long JDST since this ETF is up 3x when gold goes down, idea working flawlessly.
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gold flushed faster that i would like, and showing some resistance at 200 MA, so i am out waiting a bounce for a re-enter to see if it will go down another leg.
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re entered short on this pop.
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we nailed a perfect entry, 1220 is a key point, so we take earnings here, waiting a bounce for a re entry.