Gold is now in the Key S/R zone. It blipped down today and then recovered and has continued up. Overall, on the day chart it is still considered a down trend, it is also approaching 1200 which not only coincides with the 38.2% fib extremely closely, but is also "at the number". Human behavior likes to buy/sell at round figures.
If there is a clear signal, I will initiate a short order, but I am also very aware that it could test the secondary line before retracing. Again, this is a pivotal point, do be careful as it can go either way. Nothing is certain. I am cautiously biased toward the down side. Good luck traders!
Gold has moved back to 1200 and is not showing any big moves, I am assuming market is awaiting Yellen speech today. Being cautious, I am out at +225 pips and will not risk my capital until after the speech. Safe trading everyone.
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At around 10am Pacific time, shortly after I exited, GOLD did continued its way down and is now close to my anticipated exit at 1190. My takeaway from this is that on quieter days like this, increase the stop a tad bit more for some room to move and give it a lot more time for it to fulfill itself.
Those of you who hung in there, I hope you managed to get some pips. Till the next setup!
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Ps: It turned very nicely near 1200 and the 38.2% fib confluence.
goodmorning sage. I have read your analysis, very good as always, spot on. I shorted a small position at exactly 1200.I will place a strict stop loss just in case but i should have waited i realise it...hope it goes well for you.take care and keep up the good work.thank you!
SageFXTrading
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@MARGEO, Thank you sir, good luck with your position!!