GOLD Correction with intraday and swing trades
Gold might have a correction after having a positive movement on December.
RSI just broke the 70 overbought level, we might see a small correction to ~$1270 where it will create divergence with RSI levels reaching 65-70 and price leveles ~$1285, again where I will double my position after confirmation.
My trading for XAUUSD:
1. My first trade is short at ~$1281, with SL at ~$1290.
TP 100% will be at $1272.
2. Long if $1270 holds.
TP 100% - $1290
3. Swing Trade Short ~$1290
TP 25% - $1275
TP 25% - $1255
TP 50% - $1235
This is for entertainment purposes only.
Hit me up if you have any questions or comments.
*Possibility of this scenario 70% - GOLD might just go straight to $1300 if it wants to. Never underestimate GOLD.
~ = aprox
RSI just broke the 70 overbought level, we might see a small correction to ~$1270 where it will create divergence with RSI levels reaching 65-70 and price leveles ~$1285, again where I will double my position after confirmation.
My trading for XAUUSD:
1. My first trade is short at ~$1281, with SL at ~$1290.
TP 100% will be at $1272.
2. Long if $1270 holds.
TP 100% - $1290
3. Swing Trade Short ~$1290
TP 25% - $1275
TP 25% - $1255
TP 50% - $1235
This is for entertainment purposes only.
Hit me up if you have any questions or comments.
*Possibility of this scenario 70% - GOLD might just go straight to $1300 if it wants to. Never underestimate GOLD.
~ = aprox
Comment:
Got in at 1290 and 1298, holding till 1272. Never got to short at 1981 because of the run up to ~1300.
Comment:
Went faster than expected, love gold.
Looking at RSI maybe one of the few indicators that actually tells you what will and what happened, this is my Motto: RSI is a lagging indicator, so be slower than it is. Wait for confirmations and you will get the story. Patience is a much more respectful indicator than any other. Never believe in the first entry, manage your position by lot sizes, lose what you can afford to lose.
This said, now its not the time to enter Gold neither short or long. It will correct until it needs to. I think it could reach ~1235 in about two more weeks. Wait for confirmations.
Looking at RSI maybe one of the few indicators that actually tells you what will and what happened, this is my Motto: RSI is a lagging indicator, so be slower than it is. Wait for confirmations and you will get the story. Patience is a much more respectful indicator than any other. Never believe in the first entry, manage your position by lot sizes, lose what you can afford to lose.
This said, now its not the time to enter Gold neither short or long. It will correct until it needs to. I think it could reach ~1235 in about two more weeks. Wait for confirmations.
Comment:
Still short, waiting for the 70's to take place.
Comment:
Still in the Trade, it has been a killer to see it consolidate for over 20 days in the 80-90's region. Been able to make some scalps, won only a 30% of my entries. Never underestimate XAU.