Second rule of the trade club: you DO NOT f.. short gold .
If you check the chart you will see what we came down in 48 hours we erased in 5 hours today.
This is a junior market. If you go short :95% chance you will lose money.
I know a few of you are trapped now.
DON'T START TO HOPE THAT WE ARE TURNING DOWN.
We won't : we are going to break above 1300.
So my advise is to stop out yourself if the hourly 10 or 20 catching up the price.
I think the break above 1280 will come only later this night.
So drink some coffee , wait and turn the short position tonight around 1255-1262.
If price is not coming back you will have to stop above 1280....
Now the last thing what was supporting the shorts are against them : the dollar.
USD will continue to weaken, that will fuel gold's rally.
The advice is the same to the traders at the sideline: enter at the 10EMA or the 20 tonight.
Gold will toast bears tonight, so don't be one of them!
I advise to cover shorts /open long positions in the first 2 hourly candles.
GMT 0:00 or GMT 01:00. If there is a pullback there will be.
If Asia sees this daily candle they will buy gold , no doubt...