TECHNICAL SETUP Gold is stabilizing after last week's break. Currently sitting on MA200. Formed a hammer with follow-through.
TRADING STRATEGY Buy here. Target = MA100. Stop-loss at the low of the hammer. Reward to Risk >2.
RISK MANAGEMENT Please do not put more than 1% of capital at risk on any single trade.
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This trade is still on. Long GLD at 120.30. Stop = 117.50. Target = 125.00. R/R = 2x.
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Best configuration for this trade is currently taking place: - Gold steady as equities go up - Gold up gently as equities consolidate - Gold building a consolidation base - This trade is still on
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Trade nearing target at 125.00 on the GLD.
Trade active
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Look for a close above 1306 for a resumption of the earlier up-trend.