Gold corrective short play
Updated
I was initially building long positions off 1450-60 double bottom play until this correction appeared before Nov month end. So I closed off all long positions for 3 reasons:
1. Break 1450 recent low.
2. Triangle bottom - which will take 1-2 more weeks to end.
3. Break into new low below 1445. TP is 1425.
Looking at monthly close, a new low below 1445 is worst case scenario but also most ideal for bull trend resumption. Assuming this is still 4th wave correction (the overall structure is still corrective) I remain bullish on mid-long term, just not right now.
1. Break 1450 recent low.
2. Triangle bottom - which will take 1-2 more weeks to end.
3. Break into new low below 1445. TP is 1425.
Looking at monthly close, a new low below 1445 is worst case scenario but also most ideal for bull trend resumption. Assuming this is still 4th wave correction (the overall structure is still corrective) I remain bullish on mid-long term, just not right now.
Note
Shorting here at 1466Note
Gold went above the red line and hit 1480 instead of going down first before rallying. Which means big sellers caught the price first. As stated the monthly closing its better for bull scenario to break 1445 first and then rally vs trying to rally and fail.I’m still holding shorts 1480 and 1468 zones. 13xx may come back into play on mid/long-term.
Trade closed manually
Closing off shorts 1475. There’s a basing action today (Friday) and TP is 1492+.
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