Recent hawkish tones from the FED have sent gold into downturn...Fridays job numbers were under target but not bad enough to force gold out of the downward blue channel......I see price testing the support trendilne and probably falling to complete the bat pattern at 1220.....if so this is the best time to short on the spike.....
SHORT AT 1320-1330
SL 1335
TP1 1296 , TP2 1220
SHORT AT 1320-1330
SL 1335
TP1 1296 , TP2 1220
Note
Trendline rejection
I have shorted to 1296 TP 1 and 1220 TP 2.
SL 1228.50 (just above spike)
Note
SL 1328.50 !!!Note
OK, it wasn't the perfect entry, I had to leave my computer for an hour, and didnt want to miss the trade!! It made a lower high so It looks down from hereTrade closed: stop reached
Im now joining the herd and have a bullish outlook on this....I will be looking for any buying opportunities...a pullback to the 1315 support would be nice...more likely to form an ascending triangle formation and breakout over 1330 though in my view.....Then I will be shorting with Projack (TNTsunrise) and his army at 1347 level....the potential bat formation is still valid to 1220.
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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.