CFDTradingo
Long

Gold - Perfect Long Entry

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             recently made a higher high and then bounced off the resistance turned support. Monday morning if it continues to hold this level and starts making higher lows then I'll be entering long.

Reasons for entry:
There is a piece on Barchart about gold facing near term correction.Institutions have been shorting gold since March.
I am long gold for 4 month now and last week start taking some $$ off table.
KGC,ABX,AUY,GORO,GPL,GSV. Been hill of ride!
I think a mild correction will be healthy for remaining of 1016.
Any ideas?
Thx
mo
Reply
Clean S/R, very nice; I am like minded seeing strong support at 1277 level; however looking further out at this cluster view, I am anticipating a potential pullback to 1252/58 level. Good trading to you!
snapshot
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CFDTradingo smitheric1970
I tend to agree with you. I'm going to take a small position if it holds and then watch to long at the lower end of this pattern.
snapshot
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