Gold XAUUSD
Creating a flag formation with two strikes on the lower
parallel signifying it's still wanted whilst above 1286, so am
buying as close to 1287.78 as possible with stop under 1286.
First target 1305, then 1312-1313.
Creating a flag formation with two strikes on the lower
parallel signifying it's still wanted whilst above 1286, so am
buying as close to 1287.78 as possible with stop under 1286.
First target 1305, then 1312-1313.
Comment:
DXY is rallying so gold will come of. This requires an about face and reversal of positions, closing out gold long at 1286 to 7 and going short
Comment:
Out at 1287 annd short here with stop just above 1288.5 for small loss if wrong...again
Comment:
OWN IT
What a poor call, outfoxed by the DXY rally which did actually happen, I believed the Dollar DXY chart - which was at least read correctly as DXY did rally - but alas, Gold didn't fall at all. The first call was so spot on after all, the stop at 1286 never struck though it came close. So the flag here, with two strikes spelling 'hot' was once again very accurate and correct in what it foretold: underlying strength ahead. So, easy to say now, but still needs admitting to: shoulda woulda coulda looked at the gold chart and acted on what it was clearly saying, irrespective of what DXY chart says. Bad msistake. Lesson relearned.
In the very near term gold should struggle to move ahead and instead come back to 1292-1290, down towards the top of the flag, whilst DXY rallies a littl. But it should then start to move higher again to 1306 and then 1312 on the back of further 1.5% weakness in DXY.
What a poor call, outfoxed by the DXY rally which did actually happen, I believed the Dollar DXY chart - which was at least read correctly as DXY did rally - but alas, Gold didn't fall at all. The first call was so spot on after all, the stop at 1286 never struck though it came close. So the flag here, with two strikes spelling 'hot' was once again very accurate and correct in what it foretold: underlying strength ahead. So, easy to say now, but still needs admitting to: shoulda woulda coulda looked at the gold chart and acted on what it was clearly saying, irrespective of what DXY chart says. Bad msistake. Lesson relearned.
In the very near term gold should struggle to move ahead and instead come back to 1292-1290, down towards the top of the flag, whilst DXY rallies a littl. But it should then start to move higher again to 1306 and then 1312 on the back of further 1.5% weakness in DXY.
Comment:
FYI DXY Chart Update
Comment:
Bullish flag on top of bullish flag. Two strikes on the lower parallel says gold is still hot. A break above the upper parrallel confirms this and can be followed/added to with stops raised on all positions to just a couple of points under the parallel when broken on upside. Gold is holding up even after the DXY rally - and that rally doesn't have too much left in it before DXY plunges 2% to 91. Gold, silver, copper still all worth accumulating for bounce coming soon on next bout of DXY weakness
Comment:
Gold: XAU USD
Gold has taken a battering on DXY strength, losing the flag
formation which was looking so bullish at the start of the
week and falling back into the buy zone marked by the two
blue lines. The dollar has finished its counter rally and is
likely to fall over 2% from here to 91 on DXY.
Buy gold on dips back towards 1274 looking for a rally to
1305. Stops on longs need to be below 1274. Increase longs on
a move above 1283.
Gold has taken a battering on DXY strength, losing the flag
formation which was looking so bullish at the start of the
week and falling back into the buy zone marked by the two
blue lines. The dollar has finished its counter rally and is
likely to fall over 2% from here to 91 on DXY.
Buy gold on dips back towards 1274 looking for a rally to
1305. Stops on longs need to be below 1274. Increase longs on
a move above 1283.
Comment:
So that was 2 bucks lost at 1274 with stops under it.
Now Goldd is testing the limit down line and XY is right up against the line ...massive buy with stops under 1270 for 1 loss if wrong and 40 if right. took a couple of $2 bait along the way but hoping 3rd time lucky
Now Goldd is testing the limit down line and XY is right up against the line ...massive buy with stops under 1270 for 1 loss if wrong and 40 if right. took a couple of $2 bait along the way but hoping 3rd time lucky