Gold this May targets

Hello folks,

This is my setup for May. After changing my sell position, we entered the buy area.

I have two trades at ~1220 and ~1230 with

sl: 1211, 1218
tp: 1282, 1287

We can see the tipping point of the previous buy trend and look for the reversal.The red lines are the new resistance/old support. From those trends, we look for monthly bottom. In light green lines we are keeping in mind year-to-year bottom and top.

The absolute bottom (grey area) this year, which similar to one of 2014s bottom and I'm using as sort of general reference since I started trading gold actively around those years.

The euro is getting a momentum and the US dollar is sort of weak. Gold might be interesting this May and June.

Wish you happy and safe trading!

Comment:

What a day it was yesterday. The stock markets were all red and naturally gold took of. At the moment we are out of the rabbit hole and back on the levels from beginning of the month.

Considering the dollar getting traction back, I would wait for the stock market to open before deciding to close the trade. If it falls below 52 I'm selling.

new sl: 1252 for all trades.

Comment:

Ok, I did extend that stop loss for overnight, we seem to be still in the game.

Here is the slope from March in red as a baseline for the growth this month.

Trade closed manually:

Closed manually at 1269.5

Comment:

Maybe shorting on the way down? We have retrace to 1258-52 or maybe even 1244-47. I openned a small possition at 1264

Comment:

Sweet short, but quite risky, still managed to close it around 1260. Also finish up the trade from bigger amount from 1268 to 1273. Anyhow, I wish i just stayed in the planned trade, but getting timing right is hard. Still May target achieved.

Trade closed: target reached