MGC1! Gold is definitely blowing up to say the least. Govt shutdown certainly doesn't hurt, but I still think we are priced very much at a premium. Always better to trade what the market does than what you want the market to do though, and to be fair Gold doesn't have a whole lot of fundamentals working against it. FOMC meeting tomorrow should provide more clarity on if and possibly when a correction could occur. Right now, US govt resumption along with an unfavorable and late NFP data are the only fundamentals that can cause some form of correction (in the 2-300s. Probably best to favor longs till then
GC1! • Buy only if 3,968–3,975 breaks and holds. Enter 3,971–3,975, risk <3,962. Targets 3,978–3,982 → 3,992–3,998 (stretch 4,010–4,020). • Fast sweep/reclaim of 3,947–3,950 = quick long 3,950–3,952, risk <3,943, aim 3,960 → 3,972–3,975. • Lose 3,947 on a 15m close and fail the retest = short 3,944–3,947, risk >3,952, targets 3,934 → 3,919. • Trade windows for gold: London a.m. flow + COMEX open 08:20–11:30 ET.