Gold Direction
Updated
As I posted in my prior idea, I sold my gold position this morning when the DXY started to rally.
I am still long-term bull with gold, however it is clear to me that this move wants to retest the 1220 area as this was significant resistance over the past few weeks. There's currently a bearish engulfing on the 1D chart, and the MACD is looking to test a break back down. Furthermore, the golden cross that we got this week, looks like it wants to retest the 100 EMA.
I am currently holding a short position from 1237, and will be looking to re-enter long off a bounce from the 1210-1220 area.
Gold still has bull momentum, and is still within the trend-line (both price and RSI). On top of that, the Fed isn't going to raise rates in March, so my long-term opinion on gold hasn't changed.
I am still long-term bull with gold, however it is clear to me that this move wants to retest the 1220 area as this was significant resistance over the past few weeks. There's currently a bearish engulfing on the 1D chart, and the MACD is looking to test a break back down. Furthermore, the golden cross that we got this week, looks like it wants to retest the 100 EMA.
I am currently holding a short position from 1237, and will be looking to re-enter long off a bounce from the 1210-1220 area.
Gold still has bull momentum, and is still within the trend-line (both price and RSI). On top of that, the Fed isn't going to raise rates in March, so my long-term opinion on gold hasn't changed.
Note
Apparently I confused some people by saying I was waiting for a bounce off the 1210-1220 area.I'm not guaranteeing that there will be a bounce at this level, I'm simply saying that due to the amount of time it took bulls to pass through this level (3 attempts to break and close above 1220), we are likely to see support at this level.
If we break and close below this level, I will be adding to my short position.
Note
I'm looking to go long at open, but I will still be holding my short as a hedge.Note
Bought a pretty heavy position in BTO this morning.Note
Forgot to mention I closed my hedge when I went long BTO.
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