I have taken another look at the gold price to see if some other type of pattern is emerging. A break below the previous channel I was watching occurred and there was some immediate downside pressure but nothing to crazy and within a day we were actually breaking back into the channel. We are testing lows again but it seems that the previous channel is not exactly correct. I present an updated chart. The perfect place to buy right now , if the price goes lower, would be on the blue uptrend. I don't think it is safe to buy or sell right now. If you had sold at 1360 taken profits at 1340 that would've been a nice safe trade, but now we need to wait and see.
Comment:
If you want to take a long position here the stop would be at 1335. 7 dollar risk for potential 40 dollar profit.
Comment:
I actually had my stops at 1330 and didn't get stopped by the quick down move today. If I had been stopped out I would've reentered long with the break back above 1340 with a -2 dollar manual stop.
Comment:
Move up was weak and I closed my positions at 1348. Good things cause today was a rout.
Comment:
Long from 1330.