Matl101

GOLD TO VISIT 1900 before Christmas!!!

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
120 views
Seeing this week COT results + Stimulus news and US government threatening to shut down if Americans do not receive a support package + Brexit talk extension or no deal + China's festive season and gold rush = recipe for a massive bull run before Christmas!

Now will forex and especially Gold things can definitely change drastically over the next couple of days, nothing is certain, but there is a high probability of it doing so. We have a beautiful rejection of 0.5 fib and 0.382 closing above 0.382 on the daily chart which means retracement period is over.

on the lower time frame we can see strong consolidation and forming of higher highs and higher lows, showing increase in demand of gold . Now there might be one final push down very quickly to stop retail traders out and I can anticipate Gold sky rocketing up.

What are your thoughts on Gold?
Comment: Took the trade at 1820, after seeing the downside move was limited and it was all about the stop hunt, the gold price sky rocketed since then and will continue to get higher.
Comment: As expected, amazing!

Comments

Bought at 1824 when I saw DXY beginning to break a big support.. hope you're right :-)
+1 Reply
Matl101 GeofTraill
@GeofTraill, It worked out perfectly, people got stop hunted as shown and now gold is skyrocketing up. I bought at 1820 after seeing a very strong rejection. Moved it to break even and took some profit out :)
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GeofTraill Matl101
@Matl101, I bought in to it 15 mins before it popped. Amazing that the current longer term pullback is 50pc and this shorter term pullback also bounced off 50. As its a bull flag this could be the start of a longer term bull run.. lets see! Nice analysis 👍
Reply
Matl101 GeofTraill
@GeofTraill, After seeing so many retail traders going short, always go the opposite way you barely ever lose. Yes I can definitely see gold reaching 1900 before Christmas, unless well in the world of forex either America comes into a miracle mode and goes into some amazing economic run, or China will devalue gold which again is highly unlikely. At this point I made profit so anything else that I get from this trade is extra!
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GeofTraill Matl101
@Matl101, aaand stopped out breakeven 😂 the amount of times I've seen gold spike, hit the daily pivot and promptly reversed and I still never learn
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Matl101 GeofTraill
@GeofTraill, Look at the gold prices now :), Retail traders got caught out big time because they saw a Head and Shoulders pattern
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GeofTraill Matl101
@Matl101, actually I jumped back in at 1825 with a TP of 1900... unfortunately trailed my stop and got taken out at 1850 after the FOMC announcement, there was a sell off in the bond market which spiked yields and created a brief dollar demand spike! Still not a bad profit- absolutely maddening I didn't make the full move up though. Original plan was to make it the last trade of the year and not trail my stop at all- fear and greed strikes again :)
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Matl101 GeofTraill
@GeofTraill, Yeah again typical Retail trader mistake right there. Always make sure that during massive news like that your stop loss is extended by 10 - 15 pips. There is a lot of liquidity from major banks. I usually either make my positions smaller + larger stop loss or wait 30 minutes after FOMC to get into trades again. Dollar is going to further plummet once stimulus hits and then Gold is going on a massive bull run, so plenty of time to still get in :)
Reply
GeofTraill Matl101
@Matl101, thanks for the advice appreciated, live and learn. Only my first time trading Gold, I'm used to the major FX pairs only. Agreed, Dollar just had a major bearish breakout and has much further to go. Ultimately their M2 money supply is rising faster than anywhere so its inevitable. Any takes on GBP/USD? I see a deal being priced in already and 1.40/1.44 before long:)
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