Gold has made a big drop this week. As you can see in the bigger wedge around the highs, it just dropped of out of it instead of going higher. Because that's a very weak sign we saw that acceleration down. It did the same a month ago. Now it has made another wedge, smaller one which suggests we could see a correction up after this big drop. A small false break out below is still possible!
The first green area should be the first target, i will close half here. The second target could also be possible, here i will close the other half.
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I got the first half in 1322, will buy the other half at the lower green line or when we get above the 1324
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Other half is in too, stop around 1318 and 1315
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Targets already reached, I have closed half at 1333, i am letting the rest run with a stop at 1328
Trade closed: target reached
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Closed the remaining at 1342 :). Was a very easy trade this one. 11 points on the first half an 20 point on the other
And now what do you think about gold could retest 1320 and then up again? Thanks again
tenxritz
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Can you please let us know how did you assess the second target? I see that the first one is the top of the bullish wedge, the second - no idea. Anyways, great trade and a lot of knowledge here. Appreciate your work! Take care!
botje11
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@loudero, I did not have a target, stock markets were looking quite bad (did not expect that big of a drop though) i just used a simple trailing stop for my self.
SorinBlajan
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good job mate. Every time is read a new chart i unfollow someone else lol :)