Gold has been on a down trend since July. With the recent pin bar at key S/R, there is a good probability for the trend to continue down. I am looking to sell if the market reaches the 1150-1165 zone and there is clear price action.
There is also a confluence of Fibo lines very close to S/R, another strong sign that this is an area of high interest. Be patient, breathe and let the market tell you what its going to do. Best of luck to everyone.
Cheers!
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There is also another Fibo confluence taken from July 2015 to Oct 2015 that is on top of the previous Fibo. I did not draw it because it would just be too cluttered and confusing. Needless to say, there is strong confluence in that zone.
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In looking at all the various "ideas" being posted about Gold, it seems like there are as many reasons for bullish as there is bearish, which to me means that there is indecision in the market. So be clear and careful and wait for the charts to tell you what to do.....and that is advice to my own self :)
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Gold is now at 1150, waiting for London open in 30 mins to see what it will do in the 1st hour.
Trade active
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Short trade opened at 1148 with S/L at 1153.
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As of this morning, XAU has moved down a bit. It looks like it is bouncing off a support line at 1145. No spectacular moves. S/L has been moved to breakeven and I closed 1/2 of the position for protection.
Trade closed: stop reached
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XAU is not trending down, B/E was hit and positions were closed at +212 and +16. Nothing to write home about, but at least some profit was taken. Hope you all had a safe and successful trade.