JonathanWong
Short

Gold short play intact

FX:XAUUSD   Gold/U.S. Dollar
a year ago
Gold             has formed a reversal candle at the top of a downward channel with Friday's close. The divergence on MACD is getting more pronounced as indicated by the pink lines. Looking at a price target of about 1130 - 1150 to coincide with both 200 day Moving Average as well as Fibonacci Retracement 61.8% level. Since 2013, prices has fallen on average 9-11% from the top of the downward channel (will post chart picture for clarity).

a year ago
Comment: Historical Price Drop from Top of Channel since 2013.

snapshot
a year ago
Comment: Prices of gold subsiding from top of channel. Short position might very well play out after next week's BOJ and FOMC meetings.
showmethepips
a year ago
just looking at the COT data commercials are extreme short ..... i like your trade setup
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JonathanWong showmethepips
a year ago
Thanks. Open positions for commercials and swap dealers are net short but prices have been pushing higher.
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showmethepips JonathanWong
a year ago
Probably still increasing NET shorts.....
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showmethepips showmethepips
a year ago
Ill short GOLD but not until its tested 1300
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JonathanWong showmethepips
a year ago
cheers! Safe trading and good luck!
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