yashp1
Short

Gold (xau/usd) short position swing trade

FX:XAUUSD   Gold / U.S. Dollar
Hi everyone.

Today's call is on gold             which has shown weakness in the last week and I expect this weakness to continue in the following week.

The Uptrend which started in mid january of this year was broken in the first week of october as you can see on the chart, Price is now consolidating as it retestes the 200 day ema . There might even be further price corrections to the upside as the orginal uptrend continues to los its remaining power, this could result in the formation of a J hook pattern. My personal sentiment is bearish or neutral as long as price stays below 1320.
The following is the sell position entered:

  • I will Enter to sell wehn price reaches 1246
    Stoploss at 1282
    target profit 1 at 1205
    target profit 2 at 1152

Editing the trade:
Once the trade is live wait for target profit 1 (1205) to get hit, In which case I will exit half the position and move the stoploss down to Breakeven. If there is clear momentum and volume which shows consistancy in selling preassure I will wait for target profit 2 to get hit. If however the price gets choppy and volatile after hitting target1. I will further tighten stoploss to 1235 or exit the trade if momentum moves higher and if the patterns at that time indicate price moving up.
Comment: at the time of writing this comment price is retesting 1310 zone of resistance. the trade is not live yet, short term traders can take a short swing trade if price pivots lower and closes below 1284 can can expect prices to reach support zones around 1252.
i like the 1152 target
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