Gold another 12h TF short opportunity comes

Price is confirming the trendline, if it cant be broke up in 2 hours, we can short gold for around 2-4 weeks, this could be a better chance than the last one. Price also retest the S/D zone on 4h chart. Let us wait for the hourly candle close.

Trade active:

Order placed,
Entry: 1714
SL: 1720
TP1: 1685, TP2: 1650, TP3: 1600 and lower

Trade closed: stop reached

Comment:

Order closed but waiting for the next chance to short, same pattern but on a higher TF which is 4h. Be patient.

Comment:

Let us see if the sell signal will come in couple hours.

Comment:

Trade active:

Entry: 1723
SL: 1741
TP1: 1650; TP2: 1600;

Comment:

The 4th time to test the top level, unless the price breaks up 1740 in the next 1-2 hours, midterm short will be confirmed.

Comment:

A boring day and a boring week, FOMC did not make any surprise for mkt. If people think gold is the safe-haven asset, the price needs to go up with negative GDP data, however, the price moved down after -4.8% GDP released. SPDR ETF added its inventory to a new high record on Wednesday but the price did not make a new high. Every time it happened before, Gold prices will go down in the coming days. I dont know if it will happen again, but I think the current shorting strategy still works, let us check the Thursday momentum.

Comment:

The shorting strategy works well, the price may pull back to test 1700 then fall down again

Comment:

1685 closed 1/3 position and hedged for the weekend. Shorting strategy still works, wait for the price pull back to test 1703, then closed hedged position, add short position back

Comment:

The hedged position closed and short position added at 1700, but it seems like the price prefers to move up if do so, the added position has to be closed.