If you look into the daily chart and zoom out a little, there is no doubt we are in a strong downtrend right now. And we are on the top of the last pullback, so its the perfect entry.
Just take a swing.
I am sure millions of other traders around the world are looking at this easy to predict chart as well and are shorting it.
So take your profits out of this one!
As usual only do so if you agree, and do you own research!
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We had one nice swing, and I think there is the next swing coming. As the last top was still not higher than the former one, the downtrend is still alright.
I will take this as an entry signal with another small position, and will trail this one.
@mayyamayaa,
Thanks for asking, this one is giving me headaches right now. It looks like the uptrend is stable for now, but I still believe that we are in a longterm downtrend. And the price could not make a higher high, so in classical trend following this means the Downtrend continues. But as I am not sure, I rather say nothing than say anything only to be saying that.
So I will be observing and give an update, once I've got an idea that is realistic.
So for now, I would say, watch it for a few more days and consider going short. But, and thats a big one, Gold just made the 1300 mark, and keeps going up, so I am really not sure...
@mayyamayaa, So, for a better understanding, look at the following chart. You will see that we are in a longterm downtrend since Aug 2016. Plus, the stochastic says the price is overbought, and the volume indicator still points slightly downwards.
And most important to me, the resistance of the longterm downtrend is not broken jet. As long as that is not the case, I still believe there is the chance that price will fall.
@mayyamayaa, unfortunately, and I realized it too late, you can't see the whole chart because of that "long position-obstacle-thing". But I think its obvious what I mean ;-)