Gold - Possible rally to 1250?

It looks like Gold has broken the key S/R line and could potentially be heading up. I will wait till the UK/US market cross over tomorrow morning to see if it is indeed a break to the upside. If so, I will wait for a clear retest or strong price action before initiating a long position.

Good luck and clear trading to all.

Trade active:

Long: 1211.60
S/L: -400pips
T/P: 1250.00

Comment:

Just a quick note of interest: The USDOLLAR is reaching a strong S/R line of 12300 (I can't seem to bring up the chart there), as we all know, nothing really moves independently of each other (ie, USDOLLAR down = Gold up).

So please keep an eye on the USDOLLAR, if it reaches Key support and retraces, it might be a good time to scale out or get out of Gold during this time frame.
Good luck and safe trading.

Comment:

Ps: That is not to say GOLD won't keep rising, but when it reaches clear pivot points, better to take profit and let the market tell you where it is going rather than guess. GOLD is at 12320 now.

Comment:

Sorry, I meant USDOLLAR is at 12320.

Trade closed manually:

Closed 2nd half of the position at +114. It is not trending up at this moment and has retraced quite a bit.

First portion was closed earlier this morning at +440. Sorry I didn't get a chance to journal it here, was too focused.

Comment:

Gold looks like it has formed a double top and could be rolling over. Keep an eye out for lower highs, a change of bias could be upcoming.