Gold has proceeded to push past the 1212 mark which, at one time, was very significant. It has continued its uptrend and at the moment is forming what could be either a double top or simply a continuation candle that will form a higher high.
Do have patience and wait and see, the NY rush hour on Monday will be very telling. Also keep an eye on the USD Index, If USD heads down, Gold and EURUSD usually go the opposite way. Choose one and don't over leverage.
I am biased toward the upside, as it is quite evident from the chart. Nonetheless, there is no absolute certainty in trading, so trade carefully and good luck to everyone!
Do have patience and wait and see, the NY rush hour on Monday will be very telling. Also keep an eye on the USD Index, If USD heads down, Gold and EURUSD usually go the opposite way. Choose one and don't over leverage.
I am biased toward the upside, as it is quite evident from the chart. Nonetheless, there is no absolute certainty in trading, so trade carefully and good luck to everyone!
Comment:
Gold has reached 1230, there is a possibility of a quick short play, or if it breaks through the S/R and Fib line, then I will wait for a retest and go long. Will wait for clear signals.
Comment:
Gold has broken the S/R Fib line, as of this writing, there is no big moves yet, so I will wait for clear price action to make any kind of a move. Short play did not happen.
Trade active:
Long 1230.00
S/L 1225
T/P 1250
S/L 1225
T/P 1250
Trade closed manually:
Gold did not move very much, which was what I was anticipating, in spite of the "big" drop in the dollar. To be on the safe side, I closed the trade at +237 pips.
Comment:
Gold did continue on its trajectory after a day or two of sides ways action. For those of you who stayed in, hope you managed to get some pips.