GOLD - Correction time

FX:XAUUSD   Gold Spot / U.S. Dollar
548 16 7
Gold             has been pretty predictable lately. Every time it went oversold it was time to buy, and every time it moved back to value it was time to sell. Right now we are in oversold condition. Another typical pattern for gold             has been retracing 78.6% of the previous high. That is where I want to take profit because although the current pattern looks like a massive trend reversal, it is too soon to tell if Gold             can actually reverse this downtrend.

Bullish divergences appear everywhere, on every indicator from the weekly to the daily chart . There is also an inverted head and shoulders pattern on the 4H chart which helps with the timing.

I would look for 1160 in the medium term, but who knows, maybe this will be a multi year bottom, however I don't want to bet my money on that.
Trade closed: target reached
That was a great trade, congrats.
vlad.adrian IvanLabrie
ThaNk you, unfortunately I did not have a real trade on gold...
IvanLabrie vlad.adrian
Oh no!
Too bad.
(It has happened to me a few times)
Great call anyway.
vlad.adrian IvanLabrie
Happens all the time, real trading is so much different than paper trading.
+1 Reply
IvanLabrie vlad.adrian
I had multiple longs on the way up, I'm happy I took them, but I did have lower buys where I got stopped. Yes, people who don't have experience expect it to be much easier ;)
Same view. Buy dips early next week! Price action on friday was really constructive
+2 Reply
vlad.adrian IndonesiaBankTrader
thumbs up!
+1 Reply
Hi Vlad Mentor,
great to see that you are still active on and off, i do share the same view

upside target is 1130 while SL is 1059
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