I don't know, fundamentals are too supportive for further advance. If more central banks cut rates following what happen today with Thailand, and two other countries, not many people going to sell. Shorting would be difficult for big gains, although small pull back maybe 10-15 points is possible. There is a high chance we'll test the 1523 level which isn't a major resistance and if that breaks, it will likely peak at above 1550. There is more upside than downside. We'll see soon enough.
MastermindGND
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@Tekterra, yes thank you very much for your input. i only took 100 pips from this trade. will look for long entries instead
Tekterra
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@keishell_gibbs, At this point near term sentiment is very bullish, but one bad news such as China suddenly make a trade deal with US will send this thing way down. But, that's highly unlikely considering how the talks go and that Trump is pretty much sure to add 10% more tariffs on 300 billion more Chinese goods. China is basically saying screw it, we'll just let the market slide and we're not going to be bullied by your threats we'll just buy goods from Russia and others. That's been the leading cause that made the Fed did the 25 points rate cut and other countries did the same following US lead after the Trump threat to tax more Chinese goods. So now the Fed is like we'll shoot, Mr Trump is doing his thing we better cut more rates to support the US economy and traders are like ok, buy more gold since shit is about to hit the fans.
MastermindGND
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@Tekterra, wow you're really good at your fundamentals. can we connect
Tekterra
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@keishell_gibbs, I would say have t act fast, if Trump does sign that tax coming days, I'd go long and enjoy the ride, but if he backs off and more talks to come, it may cause a pull back for a short play. I am pretty sure that will be a trigger event. Other things like stock market crash some more, dollar goes lower, central banks buys more gold, a lot of thing can push this thing higher. Also, last 4 close pricing were 1500.81, 1500.75, 1497ish and again 1497ish. 4 days in a row it closed at nearly the same prices that's an indication that people aren't selling but just taking that time to let things cool off. But, if we start heading lower you'll know for sure and that 1490 is the key level. Breaking that will likely close lower Monday.
Bullandbeartrading
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Nice reactions to the entry. I would let them run.