MountOlympusFx

GOLD SELL: Weekly, Daily & 1hr analysis

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)


Gold Thesis

Weekly: Gold has over extended to the upside and has stopped at $1532 rejecting off it and last weeks candle closed as a spinning top signalling a slow down in bullish momentum.

Daily: After bouncing off $1532 price is now selling off and has now closed below $1506 changing gold structure to bearish . Next likely target $1469.

1hr: After break below $1506 now waiting for pullback into level/ 50% fib before looking for a sell off to $1469.
Trade active
Trade closed manually: Pulled out if Gold. About 80-90pips in
Comment: move stop loss passed break even
Comment: Stop loss hit at break even

Comments

It is about to hit 1469 just the way u predicated man. Awesome. What happens after 1469 does it goes up?
+1 Reply
MountOlympusFx MartinMokgabudi
@MartinMokgabudi, Not sure yet bro. Would need to see how it reacts to this level. Will keep you updated!
Reply
MountOlympusFx MartinMokgabudi
@MartinMokgabudi, Still a bit to go. Always remember to take partial profits
Reply
Gold is due a correction, monthly and weekly over brought
+1 Reply
KingAlex KingAlex
I believe for gold to be valued 1600 or higher there should be a correction, big investors are looking to buy the dip
+1 Reply
@KingAlex, Certainly. That's why i'm short now and hopefully i catch the dip in the near future :D. Lets see what happens
Reply
Sir, I hope you are right. I have a trade on sell in 1498. I thought my account will washout cause many people are saying Gold will go long. I hope you right in this..
+1 Reply
@whiz1993, Many people have gone long gold ages ago as it is for the long term brother
Reply