IvanLabrie
Long

XAU: Gold/Silver index in a strong uptrend

INDEX:XAU   PHLX Gold/Silver Index
The Gold/Silver index is well supported here, against the former long term downtrend resistance, now turned support, plus the recent uptrend mode (most frequent price in the advance).
If we have good follow through to the upside tomorrow, we can expect a sizeable bullish move in precious metals.
For both gold             and silver             instruments, you can enter longs at market or on a break of Thursday's high, with stop loss 1 tick under the low.
Check out the top down view in the comments section.

Cheers,

Ivan.

pd: if interested in access to my trading signals, contact me for a free trial.
Comment:
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Comment:
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Comment: Excellent reaction to support after NFP.
Trade closed manually: The reaction to the low volume resistance here makes me think it's wise to close positions and wait for fundamental events to pan out. XAUUSD and XAGUSD show potential for more upside, but we need further proof.
if you close your position on bond and on gold what is that we dont see
Reply
Gold and silver can keep going higher, but they need to hold above the current resistance (1340, 20 roughly).
Cheers,
Ivan.
Reply
IvanLabrie PRO IvanLabrie
Tightening stops is a good idea if still long. 1332 and 19.685 will work if the uptrend continues in xauusd and xagusd.
Reply
Thanks Ivan. Let's see where the NFPs take us.
+1 Reply
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