Gold seems like being in a short term correction after touching 1315- two year high. A short is recommend if price has a break out of the triangle and the internal trend line. MACD indicator also has a bearish divergence. Support is the yellow areas which coincides with 50% Fibo Retrace from 1199 to 1315.
Trade plan:
- Sell stop @1277.
- Take profit @1260.
After trade is active, I will post a stop loss level.
Trade plan:
- Sell stop @1277.
- Take profit @1260.
After trade is active, I will post a stop loss level.
Comment:
Gold is on the verge of breaking out.
Trade active:
Sell Stop order was hit @1278. 100 pips so far. Still targer 1260.
Comment:
Stop Loss is set at 1280. Take profit @1258.
Trade closed: target reached:
Gold reached $1258. Took profit.