GOLD: XAUUSD Intermediate Double bottom established- long set-up
GOLD: XAUUSD
Been stooging around waiting for gold to come up to 1281-1283 range before shorting it - it came within 25 pips or
so below here but never struck the sell zone before it fell away...now it's approaching the sell zone again but recent
price action, helped by the Fed decision to hold off on another rate rise until December means that a short here is
no longer nearly so enticing from that 1281-3 range.
It's broken through the upper parallel and made a higher intermediate high...bullish, not bearish price action, obviously.
Obvious enough to require a change of tack...
So, the past week's price action has changed the technical picture from bearish to bullish and whilst it can still fail one
last time at the original 1281-3 sell zone, granted, it won't come back very far by look of chart.
Am more interested now in buying at 1274ish with a stop 3 dollars lower, or, if that doesn't happen, once 1283 is
cleared by 50 pips or so on upside with a stop a couple or 3 dollars lower, ideally just under 1281.
Minimum upside target at 1303 if triggered.
Been stooging around waiting for gold to come up to 1281-1283 range before shorting it - it came within 25 pips or
so below here but never struck the sell zone before it fell away...now it's approaching the sell zone again but recent
price action, helped by the Fed decision to hold off on another rate rise until December means that a short here is
no longer nearly so enticing from that 1281-3 range.
It's broken through the upper parallel and made a higher intermediate high...bullish, not bearish price action, obviously.
Obvious enough to require a change of tack...
So, the past week's price action has changed the technical picture from bearish to bullish and whilst it can still fail one
last time at the original 1281-3 sell zone, granted, it won't come back very far by look of chart.
Am more interested now in buying at 1274ish with a stop 3 dollars lower, or, if that doesn't happen, once 1283 is
cleared by 50 pips or so on upside with a stop a couple or 3 dollars lower, ideally just under 1281.
Minimum upside target at 1303 if triggered.