GOLD long today
Updated
Yellen speaks today, and the general consensus is that there will be a confirmation of three fed rate hikes in 2017. However, the negative correlation between GOLD and fed interest rates is disputed with some sources placing this correlation at a statistically insignificant 28% (investopedia.com/articles/investing/100915/effect-fed-fund-rate-hikes-gold.asp)
TA reveals that GOLD broke upward of a falling wedge and is now struggling at a key fib level in an ascending triangle pattern. A break upward of this triangle provides an opportunity for a long trade.
Entry: 1230 TP:1239
TA reveals that GOLD broke upward of a falling wedge and is now struggling at a key fib level in an ascending triangle pattern. A break upward of this triangle provides an opportunity for a long trade.
Entry: 1230 TP:1239
Note
Breakout earlier than expected-- entered on 1231.Trade closed: stop reached
Big drop preceding Yellen's testimony-- sl triggered.Trade active
Re-opened long after today's nonsense settled.Trade closed: stop reached
First time I"ve been stopped out of the same trade twice in a day :-|
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