Yes, I'm rather late to the party, but the price action looks great and the chart is screaming 1300. Recently, we've seen consolidation in the 1260 area and the yellow metal has broken out of a symmetrical triangle on the 4hr chart - after a nice fake-out yesterday morning. With uncertainty around ECB stimulus and plenty of momentum behind the metals rally, the macro picture is also bullish gold
. I realize I'm getting into the gold
rally rater late here and am thusly only targeting <2% move to 1300 and doing so via OTM options (./OGJ6C1325) and a tight stop at 1270. Breakeven for the trade is 1290 by Friday.
I always like to look at recent asset class correlations to get a reading on the current "macro-scape."
- With WTI
- With SPX
- Against EUR
- Against Rates
- Against USD
- Against JPY