We can go long now, and aim for 1365 and 1462.45. The weekly hasn't confirmed yet but I anticipate confirmation by next week. Stops should be below 1235, give it some breathing room! Rgmov is plotting fresh new highs, a sign of strength, and we're sitting above the uptrend mode, so it's logical to expect continuation. Notice how price held support at the options expiration key s/r level on March 28th, we're now breaking the recent supply level and expanding daily range, very strong price action, backed by the prospect of no further rate hikes by the Fed until June (IF they even hike rates). Note that last week, commercial traders where heavily short gold, if they unwind shorts this week we might see a strong rally.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Trade active
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You can add to the trade (or jump in if still not in it) at 1257.50, stops either at 1245.48 or at 1235 for a more conservative approach.
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Weekly uptrend confirmed, it's ON!
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Next week CoT prediction: Commercials are unwinding shorts and go flat.
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Incredibly strong daily/weekly/monthly close. We broke monthly resistance, gold has paved the way for a very strong rally well into the high 1300s.
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If you took the long when I posted, using my stop reccomendation, leave a comment below. :D
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Join my live stream today. I'll do a broad market coverage and discuss a few setups. Starting at 7pm, GMT-3: youtube.com/watch?v=dFRgg2WwgyQ
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If you're long, you can close partially, look to buy any dip with the same stop loss. Leave a comment below if you took it.
Trade closed manually
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I closed the limit orders and flipped short with half risk. Sentiment reached a very significant extreme, I suspect this could be an intermediate term top in gold and all precious metals. Stops above the high are ok, at least above 1288.15 is the bare minimum I'd reccomend (and risk half initially!).
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Covered short in profit and flipped long again. Stops at 1232.
Great chart Ivan! I am still in agreement with your targets here and see a very similar median line as the previous, forming at 1270.7
IvanLabrie
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Yes, seems like a good chance to long here again.
Let's see if we get it this time.
Cheers!
xiiimik
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What was your trigger for long now?
IvanLabrie
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Hi, to know the reasoning you'd have to learn the methodology I use.
There was a loss of bearish momentum, very basically, and we have hit a good support level.
xiiimik
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Do you suggest to close short on gold miners? How can I learn your methodology? Thanks.
IvanLabrie
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Miners were overextended, if you're ong SLV as a pair you could hold, otherwise cover.
If interested in tuition, send me a pm.
IvanLabrie
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long slv*
YungAlex
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Very Low volume on your stream right now.
IvanLabrie
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Hi, low volume? I didn't see this in time, a shame.
archiki
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Hehehe I agree :-) i sold my family and went long in gdx a while ago ^.^