What I personally want to see is a daily close above 1282. If I would get such close I would personally buy more. We have a multi-week range rover and it is very boring. The sell in the last idea was for hedging purposes because I cannot know what could happen, so if it would drop from 1272 I wouldn't be 34% down at lower levels and I would have a lot more cushion for a maneuver. But after dealing with 1272 for some time it was broken by 1$ and there was no reason to hold wider Stop than that. The failure to close ( daily ) above 1282 can send Gold down again! In the given situation 1254 is the target but like I said and like you may know it is not an obligatory to reach it right away, I had and still have pending orders there and I will take it as a bonus. If 1254 is not hit and Gold travels up, that means that First Monthly move will not be considered to be down. So in any case somewhere up there I will look for sell opportunities and I will target 1254. Right now it is just Patience - patience and one more time patience. I am doing small intraday trades up n down just because we are in range and intraday trading during the range is pretty easy. Like for example on another account, I have sell now from 1282 and if we keep the range mode on then that will bring some cash. Other than that My long-term main account trades target the same targets I mentioned before. The purpose of having at least 2 big entries is because I will close one of them at 1305 that is the point where Gold can come back down and the other one I will trail stop if we pass 1305 and continue.
Comment
⋅
Although we don't have a close above 1282, we have a clear first move down. That can mean something.
Schitzofrenic Gold. Trading in a $30 range for 5 weeks now. Must mean a BIG move is coming soon..
TheZabisyu
⋅
@kaotic363, Well if General gold mining would happen in Russia I would understand was they could drink Vodka for weeks, therefore, no reports made oh how much Gold has been mined, therefore no movements.