Hello traders, a neutral perspective I want to bring to you all. from being sprung over bullish optimism on my last idea, I took the moment to close positions at around 1745 region. Momentum looks highly keen on breaking the resistance, the jump from 1690 must've been a shock to those who had hopes of a continuation downwards. Nonetheless, we can really see bulls have steered back into power over bears whilst shorts are on the sidelines, what are we waiting for exactly? In my times trading, I use to look at this and say "it's really going to launch". Instead the price reverses and traps for about a week or two and really and truly price is just ranging. However, this looks quite unique, if you look at the comparisons I did with how many days it took to reach this price etc, you can really see it took 5 forex days to launch that much value in gold. In my honest opinion, I see a huge spike coming, we seem to be wanting to break fresh highs as predicted before, however, I decided to step down on the trade due to the actual market behaviour and unmet expectations. There is some hindsight of market deviation to an extent, but all in all make sure if you are trading this for a spike, you must have very tight stops. I believe I am quite early coming out of the longs but I know one thing is for certain I am not wrong about it. My best advice to those who are shorting, do not call tops in such critical conditions, you will get slaughtered.
I added some technical analysis to the mix to really understand where we are truly heading.
I hope this has given you an eye-opener and at least a clear vision of where we are heading this week.
I added some technical analysis to the mix to really understand where we are truly heading.
I hope this has given you an eye-opener and at least a clear vision of where we are heading this week.