BombayBulls
Long

GOLD - How to Play Short Term Bounce

FX_IDC:XAUUSD   GOLD / US DOLLAR
32 0 1
Gold             is about to get pushed to life below $1000 sooner or later but of course the path won't be the straight one. Any security can be traded from both sides, with good support / resistances to lean against and with proper risk management skills. Only thing is that that life of trend followers are easy compared to counter trend traders. Sometimes we have to adapt to the environment to get maximum opportunities. e.g. Get long Euro             from proper levels even if the dominant trend is down. Even thought our long term bias for Gold             is for short side, we trade it from long side to get involve in short term opportunities.
As you know from our previous post that we would like to get short from levels near 1140. But currently we are long Gold             through GLD             ( Gold             ETF ) options. For those we would like to get long Gold             , good risk reward is from the support 1100 / 1105 which is the zone between 50% and 61.8% Fibonacci retracements. Again, best way to trade counter trend is via options to define the risk.
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