Waiting for gold to resume the uptrend ..the week of 11 Nov 2024
After making a new ATH at 2790.06, gold started pulling back and aided by the US election results and strength in the US$, it accelerated the down move. A short pullback and then on Fri, the bears continued the down move.
If this pulls back again to the 2700 region, taking a short would be tempting BUT
I believe that it would not be wise to fight the Gold bulls who have controlled this market for over 2 years.
2 major s/r levels (at 2604 and 2470 regions) await price and I will be watching closely for signs that the bulls are in control and then jump onboard.
This is not a trade recommendation, it is merely my own analysis. If you decide to trade this, you should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
If this pulls back again to the 2700 region, taking a short would be tempting BUT
I believe that it would not be wise to fight the Gold bulls who have controlled this market for over 2 years.
2 major s/r levels (at 2604 and 2470 regions) await price and I will be watching closely for signs that the bulls are in control and then jump onboard.
This is not a trade recommendation, it is merely my own analysis. If you decide to trade this, you should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
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