BobVanders
Long

Gold Bull Move, with Short Scenario

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold in an upward channel. Measured move out of the consolidation would take us to top of the channel. So for this trade better to get entries as close as you can to lower trendline - then your risk is reduced as you're entering closer to a stop level.

Alternative scenario - if the upward trend breaks, then look for shorts from close to the rising trendline - could comfortably drop to 1260 even within the bullish trend since 2016.
There has been a good bull move since I posted, and has since all retraced, but nearly two months later... really we're only just reaching the kind of level where I'd see a good entry on this trade. Been a lot of sideways, good chance the resolution brings us a significant move.

Up or down, no one really knows, but at these levels I think you can take a smaller risk to have a good chance at catching a bull move. So this remains a valid trade for now IMO.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out