XAUUSD: Big volume breakout of downtrend speed line confirmed

FX:XAUUSD   Gold Spot / U.S. Dollar
1267 14 34
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.
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.
Comment: If we get oversold here, we can buy a new daily high. Stop at the lowest low, until then, nothing to do.
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)
Trade closed manually: Covered shorts for now, 2.95% profit overall.
Comment: I went long again at 1253.52, stop 1238.33
Trade active
Trade closed manually: The long doesn't look entirely safe.
Comment: I'm short from here again, to 1205. Stop is 1258.95
Trade active
Where do you estimate the target
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.
holding by a thread, imo.
waiting for catalyst
Great charts & content IVAN!!! Thanks for all your hard work
+1 Reply
IvanLabrie Miaonfire
Thank you for the support Mia.
+1 Reply
The speedline on your chart, is it a trendline? How is it constructed?
+1 Reply
It's not a trendline. You can approximate to it, using the Gann fan 2/1 line, from bottom to top.
+1 Reply
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..
IvanLabrie lencanoot
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
Isnt going back under 1316 mean breaking of main trendline?
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