BoonHooi
Long

Could there be a relief rally on the GOLD ?

TVC:GOLD   GOLD (US$/OZ)
3 months ago
Gold             has been taking a beating in the past week. The reasons I am looking to go long on this :
- Completed a bullish Bat pattern
- Bottom of the equidistance channel (counter trend trade)
- RSI (H4 & D1) at the oversold region
- Bullish divergence on the D1 RSI (see arrow on chart), also a bullish divergence on the H4

Stops should be below the 1200 levels, targets could e back up to 1300 levels
3 months ago
Trade active: Took the long at 1211.50, putting my stops below 1200 at 1188.
3 months ago
Trade active: Currently about $6 in the money. AUDUSD (highly correlated pair) has moved up quite a lot but not GOLD. Stock market keeps going higher. Don't quite like this back drop for gold. Must break above 1230 soon if this bull is strong. Tightening SL to 1995.00 to reduce risk. Might just cut the trade at break even if it starts dropping while I am watching.
3 months ago
Comment: SL = 1195 (typo)
3 months ago
Trade closed: stop reached: Sorry for the late update. Trade stopped towards the end of last week
KEH
3 months ago
looks good ...boon hooi :)
Reply
BoonHooi KEH
3 months ago
@KEH, I hope so, the risk rewards makes sense
Reply
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