The key resistance level on GOLD around 1864
this level has been tested twice over the last few days and I believe the gold price should no longer continue bullish. The potential war between China and Taiwan and the Global inflation crisis are the main support for bulls. However, if we compare the gold price to the 2008-12 financial crisis, we noticed the price would eventually drop.
Another reason for this bearish entry is the NFP data from last week. It was great data but the price went in the other direction. Clearly the whales want to raise the price to a high level and then dump it. Now we just waiting for the huge DROP ON GOLD.
Patience is the key in trading.
Another reason for this bearish entry is the NFP data from last week. It was great data but the price went in the other direction. Clearly the whales want to raise the price to a high level and then dump it. Now we just waiting for the huge DROP ON GOLD.
Patience is the key in trading.
Trade active:
closed 30% (3 lots) and gained $1200. Now moved the stop loss to break even point and let the olympian dive!
Trade active:
closed another 30% and gained $3000 more. Now moved the stop loss to 1859 where my entry point was 1862. So it's a guaranteed winning trade.