IvanLabrie
Short

Gold: The uptrend's cooked?

FX:XAUUSD   Gold Spot / U.S. Dollar
I'm going short gold             after closing longs, I'll add if we break under today's low, on close, with a tighter stop as a swing trade.

Good luck!

Ivan 'gold bug party pooper' Labrie.

ps: I'd reccomend against going long gold             miners, gold             , silver             , and others here, risk is very high. Wait for commercial traders to go flat again (like at the beginning of the year)
Trade closed manually: Let's stand aside for now and reasess. We might be able to short higher, but long trades don't look safe either. Last: 1271
Comment:

We got long today, short term position, looking to unwind and go short higher.

Target is 1294.19
UÉ!

You see why it felt strange at the time.


Reply
IvanLabrie InsideMarket
Hi, I don't use Elliott Waves so I wouldn't know.
Did you see my updates?
You caught the long?
Reply
InsideMarket IvanLabrie
I didn't catch by only 2 dollar difference between the price and my order.

The following impulse I've just ignored. Too wild for me.

Reply
IvanLabrie InsideMarket
That really sucks, sorry to hear.
Remember this phrase: "Don't be a dick for a tick".
It'll serve you well. Problem is sometimes you have to be there watching to market buy.
You'll get it next time, so, not a big deal.
Thanks for stopping by.
+1 Reply
You're selling when I'm trying to go long. This feels strange.
Reply
IvanLabrie InsideMarket
Hi, well, we don't always have to agree. No problem.
I just see a very strong bullish sentiment but my technical analysis points to a downtrend at work here.
Have a nice day, thanks for the comments.
+3 Reply
albertwt IvanLabrie
Thanks for sharing the analysis Ivan,
I guess you are right, it will be bearish down especially after the US election when Feds increase the rate as the gift for D. Trump.
+1 Reply
Possibly, yes.
This setup will have more confirmation if price quickly moves under 1255 and makes no new high above yesterday's high before that.
Good luck.
Reply
TheZabisyu albertwt
Rate Hike = Bullish Gold.
+2 Reply
IvanLabrie TheZabisyu
Why? If you compare it to the previous hike, you may think that is possible but there are many other variables that changed.
Reply
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