WC1
Long

Bounce on Gold, retrace some of last week's move

OANDA:XAUUSD   Gold
14 2 0
I think the daily bars are set up nicely for a bounce. Nestled just under sma200 and lower BB. Nice reversal off some selling pressure today. Looking for move back to 1275-1286. I think it is important to hold the 1247-1251 area. In fact, 1254 looks like nice support after today. Hopefully it will gap up an not need to worry about that. No one really knows how China coming back from holiday will affect the trade. Also another US election debate Sunday night. OANDA:XAUUSD            

I think we move back to sma9 and/or next clone level higher, which is how I came up with 1275-1286 target. Invalidate below 10/6/16 low @ 1249.915g
Comment: We ended up going below the 10/6 low, but have now broken higher. Again, sights are on 1275-1286
Trade active: The retrace is here. Looking for 1275-1286 tomorrow.

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disclosure, i'm long NUGT, JNUG, and also some GLD 124 calls
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We have held 1247-1251 area over the last few days and finally broken resistance. Targets are in sight over the next day or two.
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