IvanLabrie
Long

XAUUSD: Big volume breakout of downtrend speed line confirmed

FX:XAUUSD   Gold/U.S. Dollar
1253 14 33
2 months ago
We have a valid breakout of the downtrend speed line resistance, confirmed by the huge volume and range of September 21st's daily advance, and validated further by the recent retest of the speed line, which now held as support. I'm long as per my previous publication and added to it on the dip here.
Upside is considerable, at least aiming for 1420, to 1475. Stops should go below 1310, or lower. Give it a big enough margin of error.

Good luck,

Ivan Labrie.
2 months ago
Comment:
snapshot
2 months ago
Comment: The move back down to support was a good chance for people who weren't in to join the trade. Stops should go under today's low, give it some wiggle room.
2 months ago
Comment: If we get oversold here, we can buy a new daily high. Stop at the lowest low, until then, nothing to do.
2 months ago
Trade closed manually: We flipped short last night. The bulls are losing control, we might see a sharp decline in silver and gold. Short miners (NEM is a good candidate, stops for all silver, gold, miners shorts: Friday 30th daily high)
2 months ago
Trade closed manually: Covered shorts for now, 2.95% profit overall.
2 months ago
Comment: I went long again at 1253.52, stop 1238.33
2 months ago
Trade active
2 months ago
Trade closed manually: The long doesn't look entirely safe.
2 months ago
Comment: I'm short from here again, to 1205. Stop is 1258.95
2 months ago
Trade active
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
RJHumphries PRO
2 months ago
Holding on tight
+1 Reply
sulbas
2 months ago
The bomp is knocking the door but uprising USDx is holding metals.
+1 Reply
IvanLabrie TOP sulbas
2 months ago
Yes, but even then, they are holding better than most things (like many commodities, specially oil and copper).
Reply
lencanoot
2 months ago
What's your opinion on a small correction towards 1310 as described by one of the other top contributors?
Thinking of going long in the miners when the S&P improves and hedge it with a short in gold..
Reply
IvanLabrie TOP lencanoot
2 months ago
I don't know, doesn't fit my logic here.
What chart?
I wouldn't short gold that's for sure. As long as the speed line for the uptrend holds, and since we broke above the recent downtrend speed line, upside is more probable.
A drop under the reccomended stop would be rather bad for bulls.
+1 Reply
sulbas lencanoot
2 months ago
Isnt going back under 1316 mean breaking of main trendline?
Reply
IvanLabrie TOP sulbas
2 months ago
I don't think so.
+1 Reply
xiiimik
2 months ago
The speedline on your chart, is it a trendline? How is it constructed?
+1 Reply
IvanLabrie TOP xiiimik
2 months ago
It's not a trendline. You can approximate to it, using the Gann fan 2/1 line, from bottom to top.
+1 Reply
Miaonfire PRO
2 months ago
Great charts & content IVAN!!! Thanks for all your hard work
+1 Reply
IvanLabrie TOP Miaonfire
2 months ago
Thank you for the support Mia.
Cheers!
+1 Reply
MarshaIII
2 months ago
holding by a thread, imo.
waiting for catalyst
Reply
hnvel
2 months ago
Where do you estimate the target
Reply
IvanLabrie TOP hnvel
2 months ago
No target, at least retest of the downtrend mode but first, retest of the Brexit key level next week: 1305. Above that it can hit 1330-1340 with ease. Above that, we're in bull market territory again.
Reply
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