SageFXTrading

Gold - Area of Interest

FX_IDC:XAUUSD   GOLD / US DOLLAR
749 19 11
I will be keeping a close eye on the price action for Gold             on Wed (depending where you are). Trump speaks tomorrow and that could have an impact on it.

My position on it remains uncertain, it still shows a down trend since July, but is also now retesting key resistance. I will wait and watch and remain neutral. Good luck everyone!
Trade active: Gold corrected a bit this morning. I felt that it hadn't reach Key Resistance yet. I got in long at the mentioned stats:

Long @ 1180
S/L @ B/E
Trade closed manually: Gold's move was strong and quick, there was a huge pin bar for a while and now there is a bit of retrace. Lots of volatility this morning.

Closed 1/2 @ 1187.38 (+806 pips)
Closed 2nd 1/2 @ 1183.61 (+429)
Similar view mate....I will also wait for price confirmation in this zone.

snapshot
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SageFXTrading sakseeda007
@sakseeda007, Nice Sakseeda, always good to have a confirming view. I appreciate your comment. Loving this site :)
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Does this look like head and shoulder? Thanks.
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SageFXTrading sherrytradingview
@sherrytradingview, Yes, it does have that profile, however, what I feel will determine direction ultimately is what's happening in the moment from price action during the New York Rush hour. I need to see that AH-HA signal before I make a clear decision. Hope this helps.
+1 Reply
sherrytradingview SageFXTrading
@SageFXTrading,
Thanks! It makes sense.
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Thank you very much for your analysis. Makes sense.
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MARGEO MARGEO
@MARGEO, If you can keep up updated on the AH-HA epifany! :)
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@MARGEO, Thank you for your kind words :) I will definitely keep this updated and bells will ring the coming of the AH-HA epiphany :P
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MARGEO SageFXTrading
@SageFXTrading, Many thanks mate. I have followed you and awaiting. I have a small short position open but I will hold out for the moment. My stop loss is at 1260 at the moment.Lets see what Trumps speech will bring!
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@MARGEO, Looks like your short worked out!
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MARGEO SageFXTrading
@SageFXTrading, closed out with a small profit just to be on the safe side.:) Do you follow the dow at all man?
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@MARGEO, Great that you took some profit. Yes, I follow the DOW and the S&P500 too.
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MARGEO SageFXTrading
@SageFXTrading, Cool. Do you upload any analysis on these indices? Would be interesting to see your work if you dont mind.
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@MARGEO, Yes, I will upload my ideas, but right now all the indices are reaching record highs, there is nothing above the index market to refer to. I will wait till DOW either hits 20,000 or retraces back down to previous support so I can get a sense if it will bounce or head south. Trump's inauguration day might also get a reaction from the market, so I'll wait and see. Cheers.
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i wish it goes short its at the key after a long wave to up side . needs to pull back
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@radbeh60, And it has indeed! :)
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I've posted a new follow up analysis of Gold to keep it clear and separate from this one, follow the link above for the update. Cheers everyone.
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good one dear. :agree:
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@tipua411, Much appreciated! :)
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