Is gold going to range before getting to a larger channel or break much lower before it climbs. This shows a short-term trade I'm currently in but it's mainly so I can keep a bigger picture view moving through the next few months through elections and the end of the year, start of new year.
Gold companies have rallied well vs gold itself since january. Let's see if this reverts.
I think I properly volatility (not a expert on this) 2.666 the notional value in gold vs 1 notional value in gdx.
not doing this with really money just a theoretical exercise.
XAUUSD / GOLD bounced off the trendline support and resumes climb upwards to 1400+ . Expecting pullback at 1400 to 1375ish, eventual move to 1450 within the year
Monthly trendline awaits it's destiny with NFP report due today.
Breakout would be followed by pullback.
Retracement will relax overbought situation for a new hike.
It's important to step back from the 5min, 15min, hourly and daily charts and take a look at the bigger picture. Not a trade chart, just wanting to share. Open to thoughts.
Watching this range in this maybe of a flag pattern. Let's see how it continues to play out. So far, the bear sentiment hasn't made any real impact here.
I'm holding longs from 1255, 1333, 1355, and 1366 looking so I can ride out the movements like today's pullback.
Don't get trapped too early by buying the movement, buy the bottoms here. Ranging is funky so...
Look for a short opportunity in Silver/USD for a temporary pullback in the long term rally.
Either sell short temporarily or buy on the dip. IF Price breaks above 24, we could potentially break out further upwards.
XAUUSD was manipulated the last rally in the interest of selling at higher prices. Brexit was the catalyst. As a result a 'Bump and Run' reversal pattern is in place. XAUUSD is in the Run phase now where it's expected to form some kind of a bearish reversal pattern. I see Adam and Eve - double top is being developed.
Price is expected to visit the Lead-in trend,...
