Gold End-of-Month Hot Zones: Long targets and short entries
Updated
Retail traders often forget about month end trades (myself included). Gold is also coming off a $100 rally to close the month so this should turn out to be a fun trade.
Trade closed: target reached
I TPd longs and shorts. Waiting to short again. The initial target for longs hit but the fib was wrong due to my assumption of WXY (1263-1204-1307). I'm changing to standard ABC where C could end its 5th or 3rd wave at 1331/33. If divergences hold on H4 then I'm assuming 1331 is 5th.Comment
Shorting this 1321-23.
Trade closed: stop reached
There's probably some good bullish retracement. But my 23 was hit and I'm not in positions. Also it looks like 1251-53 is a reachable target from this weekly close and I'm looking at longs if daily closes green.
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