Gold: In no man's land (for now)

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
629 18 24
We have clear signals that the gold             bull run can continue, but there's an interesting area for a short above, to rejoin the long term downtrend with a tight entry.
We will need confirmation for the trade, since, after breaking our previous trade invalidation, the only other safe location for a stop is the monthly level at 1172.99, and that would be really wide.
So, I will wait and post my short entry when it's confirmed.
Trade closed: target reached
It's clear to me that gold is resuming the longterm downtrend here.
I'll wait for a retracement in the daily, and 5 days without new highs to short it again.
4h and 1h chart has been giving good signals but the big moves will come after this 15 bar uptrend expires. Aiming for 913.

4h view:

Once we get 5 days without new highs, we can look for shorts again using a variety of setups. No way to know for now.
+1 Reply
Interesting, we might have a short here.
Will the monthly downtrend continue now?
It's really hard to say, but for now I'm standing aside.
Do u see Gold or sliver retracing down during this Asian session?
IvanLabrie ForexEasypips
Really hard to say.
We'll need to wait and trade after we see 5 4h bars without new highs.
Not looking good, I'll wait for a confirmed higher timeframe setup next. Might need a fundamental event to send it back down.
IvanLabrie IvanLabrie
Risk is small, if you want you can hold it, I'm getting out at break even.

Moving stop to 1154.11
+1 Reply
Market sold gold now, stop 1163.60.
Entry: 1152.08
+1 Reply
stragaw IvanLabrie
close long )) added short

+1 Reply
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