TradeApe
Short

Gold Daily Analysis - Done ranging yet?

FX:XAUUSD   Gold/U.S. Dollar
189 10 1
Gold's been stuck in this stupid 1184-1214 range for a couple of days now, too long for a trend trader like me.

My current line in the sand is 1184, so above only longs, below only shorts...at least until highlighted levels are hit. At those levels I'll reassess trend strength. If it's still going strong, I'll stay in trades...if not, I'm looking for reversals.

I can't predict how far moves will extend, so will play this purely on trend strength ( directional movement index ) on the daily charts for overall sentiment and M15 for potential re-entries.

I'm still short now, but we're not that far from 1184 and I'll remain flexible. If it breaks through 1184 and then 1194 I'm probably a bit more interested in longs again. Obviously the psychological 1200 will have an impact too.

Fundamentally the Fed will eventually raise rates and the dollar will appreciate and gold             will continue its fall. It's not a question of IF, but rather a question of WHEN. The only issue I see is China because if it crashes which looks quite likely (at least temporarily), people there might react in the same way as over here in the west...as in...they'll pile money into gold             which would obviously complicate my longer term short bias.

Who knows, remain flexible and simply follow TREND STRENGTH & DIRECTION!

EDIT: Also, 1202ish was the closing price 8 times over recent days...so that's clearly another level you should keep in mind ;)
Gold falls because it is heavy XD
+1 Reply
TradeApe PRO PolarSolar
2 years ago
LOL, yeah, that too :D
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PolarSolar PRO TradeApe
2 years ago
Wait November 2016 (USA presidential elections)
DXY after ranging break signal and rise up. Endpoint on gold (DOWN) and dollar (UP) trends at 16-18 month far. Target 23%
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Expecting one last blast up to the 1190-1198 area before finally breaking 1170 with conviction to the downside. Im hedged. Im long for this week, but short longer term.
+1 Reply
TradeApe PRO futuresecuritieslawyer
2 years ago
Would kinda like to see a last push to 1194ish too, but personally there's not a lot that gets me excited about longs atm...at least for anything but short term trades.

Basically waiting for good short entries ;)
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There are some filthy bear flags going on on the dailies and weeklies of some mining stocks. IAG, SSRI, PAAS, SAND, ARNGF to name a few.
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jangseohee
2 years ago
snapshot
+1 Reply
TradeApe PRO jangseohee
2 years ago
Yeah, getting ready for antoher push south I think...catalyst still missing though. Just a matter of remaining patient ;)
+1 Reply
futuresecuritieslawyer TradeApe
2 years ago
i agree with the chart, but the timeframe is much shorter. THis bear will be completed by 10/1/2015.
+1 Reply
jangseohee futuresecuritieslawyer
2 years ago
my mouth is widely open in shock when you said this TF ^_^
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