XAUUSD: Weekly trend signal active

It seems there is a mid term opportunity to be long precious metals for 12 weeks here. I'm long since last week again, as a way of reducing risk from my net long equities exposure (roughly 21% net long, I'm short $AAPL, $AMZN, $NFLX, whilst long $TSLA, $BAC, $INTC).
Upside in gold can reach as high as upper 1700s, if this signal pans out favorably. Risk is a drop below last week's opening price give or take.
A good opportunity would come if prices retrace this week, or in the next 2 weeks, but it seems unlikely to occur.

Currently I'm holding a 1/2 position, with room to add more exposure if needed. My longer term view hasn't changed, stocks are likely to keep rallying during 2020 and until mid 2021 possibly. A major move in gold is still a lower probability scenario, but it's always good to buy it periodically as insurance when there's downside risk in stocks.

Cheers,

Ivan Labrie.

Comment:

#XAUUSD built a new accumulation level higher here, reinforcing the idea of a big trend to come, let's hold and wait, we may add to it if we see a bigger move up this week, or during next week on close

Comment:

This is how the weekly signal that confirmed today looks like for #XAUUSD, targets on chart, if we hold over 1502.46, we will see this rally pan out

I'll wait a bit to add more on retrace.

Comment:

I sold at 1600 ish and bought back near 1580 but price didn't hold support yet. I have a stop at 1551.06 for this last entry, if it holds, it may resume the weekly trend, else I take a hit and lose part of my profits.

Trade active:

Good low risk buy, in the 2 month timeframe, weekly trend still active technically.
I bot back a gold only long position.