Currently it seems that gold is poised to move higher, but is currently moving in a rising wedge. We haven't seen much of a pullback lately. My hypotehsis is that we will move to ~1460, where I will be looking for a short with pullback all the way to 1360-1380 area.
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So far so good, gold at HOD currently - breakout expected shortly. At this point I expect an overshoot of resistance and possible fall back - what would be outright bearish. I will follow up on this next week.
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Currently going according to plan and the price approaching my short zone. There are three possible scenarios for selling - shorting upper trendline, selling the overshoot of the wedge or sell breakdown of the wedge. Position and set SLs accordingly!
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Ok, we saw an overshoot of the wedge, at this point I am starting to scale into longs, will add when (not if :) the price falls back into the wedge.
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Currently adding, 1st TP is ~1420 or bottom of the wedge. 2nd TP 1360-1380 range. BUT I will get rid of my position, if we break above today's high.
Trade closed manually:
I exited the short trade with a few pip gain, the price returned back above the upper trendline, therefore gold is bullish. Will wait either until the price gets again below trendline or even better (safer scenario) or when the price breaks below the lower trendline.