Gold: The uptrend's cooked?

FX:XAUUSD   Gold / 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

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

Target is 1294.19
Let's see where gold (and silver) end up. ;)
+1 Reply
End 'up', nice pun :p

Thanks for the comments, and for checking out the posts.

You're selling when I'm trying to go long. This feels strange.
IvanLabrie PRO 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.
Rate Hike = Bullish Gold.
+2 Reply
IvanLabrie PRO MetalCruisers
Why? If you compare it to the previous hike, you may think that is possible but there are many other variables that changed.
showerreport IvanLabrie
@IvanLabrie , @TPparadigma is right, not only because of his argument but also because of the disruption that the DXY is generating on the USD. Theoretically the DXY should top tomorrow, I suggest you to closed your short ASAP or maybe tomorrow. Good luck on your trades.

PD: I also think that you are right on your biotech trades, just look at $NBI.
+1 Reply
IvanLabrie PRO showerreport
Hi, I actually banked my short for minimal loss and flipped long before, I'm seeing a pullback to around 1294 here.

IBB, should be bottoming very soon.

Let's see how it goes, cheers.

You see why it felt strange at the time.

GOLD/DOLLAR - The daily fractal.

IvanLabrie PRO InsideMarket
Hi, I don't use Elliott Waves so I wouldn't know.
Did you see my updates?
You caught the long?
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.

IvanLabrie PRO 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
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