chartwatchers
Short

GOLD short possibility

FX:XAUUSD   Gold Spot / U.S. Dollar
148 2 10
As I posted I see internal weakness in gold             .
The junior bull needs some rest now. Hourly chart 10-20 EMA is crossing over , I will try sell short if price tags the 50 EMA (1234.5 ) and 10 EMA (1234). I will sell 50% of the planned short position at 1233.5 and 50% at 1234.5.
Target price is at the hourly 300 EMA (1210).
Stop at 1243.5.

We have lower highs since 24th February (last 3 days)

We had broken out of the pennant but no follow through. I will post today the COT , I'm sure the commercials are above 300.000 with short positions. And the blees rating is near 20.
Stocks and oil             is going up. China wasup today, Europe is going up, US futures are in positive territory.

No reason to buy gold             today.
Trade active: We are in the short position.
Trade closed manually: Tagging 300 EMA on the hourly chart.
Closing all XAUUSD position
It was a perfect trade!
I hope you traded this also.
Reply
PeterHansen chartwatchers
very well done indeed :)
Reply
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