tntsunrise
Short

GOLD Weekly Charts Shows Bull Trap

FX:XAUUSD   Gold / U.S. Dollar
6196 31 131
Last Week I was on business trip , and in china it is very
hard to access tradingview. so i couldn't update any idea.
Today I am back to work with stable internet connection.

GOLD             Weekly Charts Shows Bull Trap
As we can see, gold             did not break 1307 the 2015's peak.
and today it just retested 1300 but failed.
For Swing Trader, it is good to short gold            
as long as the 1307 is not violated.
First Target: 1220
2nd target: 1130

Comment: 1270 NOW
Shorted at 1295
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yeah, I was in China in January, and the Internet was very slow. I just stopped trading all together while there after one or two months.
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Good to have you back Jack!
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Welcome back!
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Gold is really tough, back to 1290. looks like 1280 got strong support.
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Welcome back
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Maybe it's a little simplistic, but the way I see it is that everybody is buying gold counting that it's going to shoot up after brexit so they buy now to be ahead of the market. By the time brexit happens there will be no buyers left and demand will be over. Retail traders will jump in right ahead but central banks and funds will have bought a lot lower and wont buy any higher.
+2 Reply
Hi Jack thank you very much for this update. Would it be possible to update your thoughts about Oil, please?
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1278 is big resistance, i wouldn't short til this is broken, also we have BREXIT 23.6 and NFP data 8.7...GOLD is being kept high by these events so likely to go sideways still for a while..BREXIT looks like UK will stay in EU but I still don't see gold coming down much until the next NFP data, if this shows strong jobs growth, then a big correction will occur so all eyes on 8th July....
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Trendhopper Trendhopper
BTW ...thanks for the tip-off Jack.....you are usually right on GOLD!!
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