With the current bearish climate in stocks, and Trump pressing for a weaker dollar/lower rates, and also given previous price/action, there is an extremely strong chance Gold will make the 50% fib ($1262) and probably the 61.8% ($1286). You can also see the Jun/Jul 2018 drop through this range was fairly smooth, so I don't expect much resistance. However, it's famously choppy, so my entry is the 38.2% point, 1238.50 (today's Fed might do that). The plan is to take half off at 50% and set the stop on the remainder to breakeven.
Trade active
Well we reached the 50% point, bu unfortunately the trade didn't pull back and fill. Will not cancel it yet.Trade closed: target reached
Target reached (if it had filled in the first place)
David Atherton
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David Atherton
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.