XAUUSD: Tight stop long, but watch RgMov here
Updated
It's possible the gold uptrend has ended, but, we have one last chance to go long here, stop should be below 1297.56. Opportunity is significant on both sides of the trade, so let's give it a shot.
We can long with a tight stop at 1297.56, but if we see a new low RgMov low below 757.67 we can instantly flip short, expecting the weekly downtrend signal to pan out. I'd risk a move back above 1340 on the short side, but ideally, I'd enter short on a rally, and not lower.
The RgMov trend is up, but a break of this level in the next few days would signal it has shifted down.
This would be a big change in gold, since it has been in an uptrend for the whole year.
Good luck,
Ivan Labrie.
We can long with a tight stop at 1297.56, but if we see a new low RgMov low below 757.67 we can instantly flip short, expecting the weekly downtrend signal to pan out. I'd risk a move back above 1340 on the short side, but ideally, I'd enter short on a rally, and not lower.
The RgMov trend is up, but a break of this level in the next few days would signal it has shifted down.
This would be a big change in gold, since it has been in an uptrend for the whole year.
Good luck,
Ivan Labrie.
Note
Looking good.Note
We're pretty safe now, until FOMC, and until we approach 1335. If we break above it, gold will soar. Hold positions.Note
Move stop to entry price.Note
Closed half.Note
I bought back my half position, risking a drop to my entry only. It's highly likely that we see a rapid rally once we break above 1335. Keep an eye on it!Note
We need to hold at support and break higher asap.
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