Still on the hunt for gold to hit 1197 sooner than later. Trading on the 4 hour chart is usually not something that I'm comfortable doing, but since the opportunity presents itself, I'll have a go at it. Stop losses and target are reflected in the accompanying texts as shown in the chart.
Comment:
Just to be clear, first target for gold is 1195 - 1198 and the second target is 1227 - 1230.
Comment:
Gold went to as high as 1186 and is still trading along the green trendline. I'm looking for gold to move past 1188 for any chance of a move to 1198. Why is 1188 important? It's the peak set on 4 Dec 16. So far, gold has yet to exceed that obvious peak and if it is unable to do so after another try or two, look for gold to trade lower.
Comment:
Gold stop loss changed to 1178.75, just beneath the green trendline. This will make the trade profitable whichever way it goes.
Comment:
Gold looks to trip 1188. Next is the cluster of peaks at 1193. See how the price action is like at that level once 1188 is taken out. Of course, if price repels from 1188, looks like gold will have to fall back to 1160-1165 before any chance of going higher.
Comment:
Stop loss revised to 1182. Gold may test support at 1179 - 1180 before another assault at 1188. Will take money off the table if it hits 1193.
Comment:
Hit my stop at 1182. Re-entered on break of 1183. Now looking for gold to hit 1193 and then 1200.
Comment:
On the 4 hourly, gold looks to test 1180 again. Fresh longs if 1180 is tested and holds. However, if green trendline continues to hold, 1193 looks to be tested. Failure of 1180 can mean gold falling to as low as 1170. More longs there if 1170 is tested and holds.
Comment:
The green trend line is holding. Closing 50% of position. Stop moved to 1186.
Comment:
It's 1193 - 1203 in the next 4-8 hours before a move to test 1180. Imho.
Comment:
Looks set to break green trendline. Gold to test 1180 if the break is real. For now, I've closed all my positions.
Comment:
Gold tested 1180, breached it and then reversed upwards to hit 1197. Wasn't awake to witness it, otherwise would have gone long when it happened. Now, waiting to go long at 1192 - 1194 with target of 1207. Stop loss at 1190. Small position as the move in gold is pretty extended.
Comment:
Gold has hit the target of 1207. The move up is complete for now. Waiting to see how gold behaves from here on till tmr's data on core retail sales. A lousy reading will send gold to 1220 - 1230 me thinks. Staying on the sidelines till then. Levels to watch are 1190 and 1180.
Trade closed: target reached
