Very near term short, or wait for pullback as price cannot get through 1258 level. Could go as low as 1245, which should provide a good long entry. However, if price fails there, the momentum could carry us lower than Tuesday's low and that will send gold down to 1200.
Trade closed manually
Sorry guys, bad call here. Non-market forces are manipulating gold. So technicals really don't matter. Buy with minor pullbacks and hold long with stops at critical level.Note
In particular, please refer to this idea:
Keep an eye on MACD daily, when it crosses and when it reaches the 0 line. Historically, gold rally has followed mostly a COMEX smash day like we saw on Monday, and due to the fact that machines and altos are forced to sell during all these times, they buy like crazy to make it all up.
Note
Also, hidden bullish divergence + trend line will be good to determine whether the pullback is likely snap back before trend line gets breached.
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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.