Short term trade using 5% of idle cash.
The Good: Selling volumes are extremely high and 1447 is a critical support level, so i expect a Friday profit taking session.
The Bad: RSI near 30 but not yet below it so not officialy oversold , weekly and hourly charts are telling a different story. A false breakout is possible.
The Ugly: These days we have seen a very strange event happening in the markets. Equities,Bonds,gold and even bitcoin are all correlated. Which means US dollar demand is rising.
Fundamentals say that low interest rates, high government debts and volatile equity markets should increase demand for precious metals.
This is not a perfect trade, but these trades can be profitable too.
The Good: Selling volumes are extremely high and 1447 is a critical support level, so i expect a Friday profit taking session.
The Bad: RSI near 30 but not yet below it so not officialy oversold , weekly and hourly charts are telling a different story. A false breakout is possible.
The Ugly: These days we have seen a very strange event happening in the markets. Equities,Bonds,gold and even bitcoin are all correlated. Which means US dollar demand is rising.
Fundamentals say that low interest rates, high government debts and volatile equity markets should increase demand for precious metals.
This is not a perfect trade, but these trades can be profitable too.
Trade closed: target reached:
TP breached @1508.72