First rule of the trade club: You do not short gold. 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 bull 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 EMA 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 EMA tonight. Gold will toast bears tonight, so don't be one of them!
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It seemas that we cannot come down to the green box. 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...
Comments
FaresMessous
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ok
chartwatchers
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My advise is : do not try to short it.
We had one red candle in the last 7 hours, you will be caught with a short position in a rally to 1310 or upper...
chartwatchers
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Try to get a long position at the 10 EMA. In the following 4 days you will have 50-60$ profit.