Gold retesting weekly trendline
Updated
Massive drop due to USD rally. Currently sitting almost at previous bottom levels. RSI and Stochastic at low levels. If strong bounce on weekly line we could see new bullish daily trend. However - beware of the dollar rising like the morning sun lately.
Trade active
Entered trade at 1244.60. Strong rejection from resistance 1242, uptrend on 1hr. This is a scalp on the rebound from dollar race yesterday. Dollar has been really unpredictable, so once i'm 10 pips or so in I will put an entry stop. Target ~1248.Note
Late update. Closed trade early then did an emotional rebuy and lost it all. Note to self: Never trade without a plan!Additional notes: Some traders see this as a potentially broken weekly trendline. I don't know... Divergence and diving shadows looks like there is some fooling around before turn. Also dollar don't seem so jolly for the long run. I need to really find out more about the intentions of the dollar next few months....
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