I went long on Gold on Friday after the triangle broke out but I've shorted Silver today...
I'm still longterm bullish on Gold but we might get some retracement here (pinbars on Silver and Gold 1H, but 4H is too soon to tell really...).
I'm NOT taking this trade since I shorted Silver and I want confirmation first!
But no harm in sharing this I guess.... The trendline is very important, if it breaks and consolidates above the trendline than this would likely mean that we can expect alot more upside to come...
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Primary target for shorts at this position is 1310-1305 in my opinion, 1 additional target could be set (1260-1265) when Gold falls back to the primary target level and PA confirms a further decline is possible or likely..., SL tight above the trendline around 1360-1365...
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Not willing to short this yet, I stil think it will go higher, there is room on the daily and weekly still looking at RSI and stochastics. I think the trendline will break...:
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This the 4H now, overbought in any case on this TF, I think the power of the possible retracement could give us clues, so I will just keep my long based on the triangle breakout and will decide depending on what happens next:
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Update:
Both a double top or part of a H&S are possible, allthough the H&S requires us to not count the spike high..., the immediate result however is the same, namely that a possible down retracement could bring us down to around the 1306 level, which is an important level to watch....
Stochastics and RSI certainly are overbought, the tops are about the same height, no clear divergence or convergence...
And to re-iterate: if the above seen 'down' trendline breaks we could be in for another big bullish wave which could last for the rest of the year or even longer...
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Couldn't help it..., today's bearish open gap just closed and I had to take a short... SL 1365, target 1310., good odds, we'll see...
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Out with tiny loss, may be a bit premature but I had too much doubt so I'll stay with the longs for now...
Trade closed manually
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Close to the moment of truth perhaps...:
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May be the last short opportunity before the brek (if it comes...), maybe not..., nobody knows but the R/R is great...:
cycle inversion pulling bulls in and gathering huge energy. Maybe the downside is not that far away. But the bull trend can continue till the end of the month.
saif12
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I think the gold rally is over, and it will be long slow down falling to early 2016 price. I personally just went Shorting on Gold at 1350. Only the future will tell. Good luck
forged
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What's your stop loss for sorting gold from 1350?
saif12
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SL is set 1365, though I have a small position as gold is very tricky,
Look here