XAUUSD: Gold longs firmply planted above resistance
Updated
Gold seems to be headed for the two targets on chart, to be reached before September 23rd. This seems to match my outlook for equities, which appear to be heading back down to the yearly lows, as depicted by Tim West's yearly forecast, of a sideways market. We can fade the sentiment extremes once reached, which is the ideal trading strategy for the rest of the year. Volatile markets are tricky to trade, but we are presented with a variety of opportunities, both long and short. I'd reccomend having gold in your portfolio for the next 2 months. You can enter a position here and factor in a stop loss under 1275 (let's say, under last week's low, which will work for any instrument, like miners, gld, futures, etc).
You can add to the trade once spot gold breaches the 1340 mark too. Risk half on the additional entry, and use the same stop loss. Good luck! See you at the top.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
You can add to the trade once spot gold breaches the 1340 mark too. Risk half on the additional entry, and use the same stop loss. Good luck! See you at the top.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
Good progress, but still below the 'Brexit' high. Either take partial profits or exit, and wait 3 days to reenter (or a nice dip to support)Note
The top was the box for the weekly range...
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