Gold - easy 4HR and 1D setup - huge P/L potential.
The confluence of trend-lines is making the unit quite volatile in this coming week. The '13 0.49% trendline - retested in July 2017 - is the major hurdle, breaking this trendline would allow the unit room to grow up and fight the major 1300 resistance.
The world has its fair share of problems, Brexit and terrorism in UK, Trump battles to implement policies amidst scandals, Europe faces migration unrest, political weakening, and also depend on the Brexit negotiations. North Korea keeps crossing the lines. South Africa gold mining (7th largest producer) is also facing governmental interference. This allows us calm traders to rise above the competition and make money amidst global madness. These problems are long-term problems so I expect the unit to rise both medium and long term (2 weeks and 1 month).
There is an option to short immediately, however I prefer to buy the unit long.
Short-option.
If the 1250 resistance breaks, short until the 22nd June when the current trend reverses to the monthly upward Elliot wave pattern. At the current rate this will be on the 22nd June around value 1230, stay tuned for updates.
Long-option
Wait until the trend reverse around 22nd June, $1240 level and has a good bullish candle. I will update the chart if I am confident to open my trade. Target: 1270 SL: 1230 after entering bull trend. P/L ratio: 5+
Hope we're all excited for this week!
The world has its fair share of problems, Brexit and terrorism in UK, Trump battles to implement policies amidst scandals, Europe faces migration unrest, political weakening, and also depend on the Brexit negotiations. North Korea keeps crossing the lines. South Africa gold mining (7th largest producer) is also facing governmental interference. This allows us calm traders to rise above the competition and make money amidst global madness. These problems are long-term problems so I expect the unit to rise both medium and long term (2 weeks and 1 month).
There is an option to short immediately, however I prefer to buy the unit long.
Short-option.
If the 1250 resistance breaks, short until the 22nd June when the current trend reverses to the monthly upward Elliot wave pattern. At the current rate this will be on the 22nd June around value 1230, stay tuned for updates.
Long-option
Wait until the trend reverse around 22nd June, $1240 level and has a good bullish candle. I will update the chart if I am confident to open my trade. Target: 1270 SL: 1230 after entering bull trend. P/L ratio: 5+
Hope we're all excited for this week!
Trade active:
Started short after breaking support at 1250. x10 leverage, here we go.
Comment:
Watch for reversals closely. It's a toss-up, might go up or fall down to around 1230. Hopefully by now you are in the green and can set a TP in the green in case the bull is back.
Trade active:
Opening my buy trade if gold closes above 1465. Gold seems to have bounced off resistance and will be going upward over the next few days.
Trade active:
Bought gold after it seems to have bounced off the trendline at 1240. The momentum is promising and TP will be around 1268 with the possibility of breaking through the 2013 trendline.