Long

XAUUSD: Potential breakout, daily/weekly buy signal

Updated

We have a potential buy signal here, but there's risk with record high short positions by commercial hedgers. I'm risking 0.5% only here, if we break into new highs now, and flipping short if we break back below the stop.
Daily trend briefly turned down but the weekly is still up, and there's a lot of retail bulls, so tread with caution.

Good luck,

Ivan Labrie.

Note

0.5R already, let's see how it goes.

Note

Keep in mind the daily 'Time at mode' target is 1279.42, but there's a weekly range expansion down bar that creates resistance at 1278.385.
Since commercial hedgers have massive short positions according to the Commitment of traders report, we are in danger once we hit that level.
We should study price action diligently, since it's still not safe to call this rally a long term uptrend continuation yet.

Note

Weekly:

s3.amazonaws.com/tradingview/snapshots/b/bK5tkzvD.png

Daily resistance (1289.14):

Trade closed manually

I booked my profit for now, it's acting quite slow here.

Note

(good that we got out)

IvanLabrie

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