Gold is retracing back to a strong area of support which coincides with the .618. I would not be afraid to take a long position here. If we get a fast move up we could either be finishing the A-B-C or perhaps we have a 5 wave structure. A shallow move away or a break below the trend line could indicate a much bigger correction. The MACD and Awesome Oscillator are very similar. The AO is slightly more reactive which will give you more crossovers but also a little more lead time to get into trades.
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Picture perfect trade with 180 views and 2 likes. I have seen top traders get 100 likes on a trade after they stop out lol. No worries lets see what tomorrow brings us for trades.
Gold is right at 1315 resistance weekly closing. Is gold is going to try 1345 again or it is going to retrace down next week?
nahidik
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I think we have to let things shake out a bit. The key for me is knowing I don't have to make a trade or predict the future. I try and let the trade set up come to me, if you know what I mean. If the trade is not there I don't want to force it. I usually lose when I try. That being said technically I believe there could be more downside on a weekly trend to create a "Z" wave. Fundamentally the Bexit and concerns about the US debt etc. indicate things could be messed up for a while which leads to safe harbors. I will look for a break of the weekly trend line and a correction staying above the line and then look for more long.
Right now I don't have a trade setup but will see what comes up in the next few days or weeks. Hope that makes sense to you.