XAUUSD: Gold uptrend continuation
Updated
We can go long now, and aim for 1365 and 1462.45.
The weekly hasn't confirmed yet but I anticipate confirmation by next week.
Stops should be below 1235, give it some breathing room!
Rgmov is plotting fresh new highs, a sign of strength, and we're sitting above the uptrend mode, so it's logical to expect continuation. Notice how price held support at the options expiration key s/r level on March 28th, we're now breaking the recent supply level and expanding daily range, very strong price action, backed by the prospect of no further rate hikes by the Fed until June (IF they even hike rates).
Note that last week, commercial traders where heavily short gold, if they unwind shorts this week we might see a strong rally.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
The weekly hasn't confirmed yet but I anticipate confirmation by next week.
Stops should be below 1235, give it some breathing room!
Rgmov is plotting fresh new highs, a sign of strength, and we're sitting above the uptrend mode, so it's logical to expect continuation. Notice how price held support at the options expiration key s/r level on March 28th, we're now breaking the recent supply level and expanding daily range, very strong price action, backed by the prospect of no further rate hikes by the Fed until June (IF they even hike rates).
Note that last week, commercial traders where heavily short gold, if they unwind shorts this week we might see a strong rally.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Trade active
Note
You can add to the trade (or jump in if still not in it) at 1257.50, stops either at 1245.48 or at 1235 for a more conservative approach.Note
Weekly uptrend confirmed, it's ON!
Note
Next week CoT prediction: Commercials are unwinding shorts and go flat.Note
Incredibly strong daily/weekly/monthly close. We broke monthly resistance, gold has paved the way for a very strong rally well into the high 1300s.Note
If you took the long when I posted, using my stop reccomendation, leave a comment below.:D
Note
Join my live stream today. I'll do a broad market coverage and discuss a few setups. Starting at 7pm, GMT-3: youtube.com/watch?v=dFRgg2WwgyQNote
If you're long, you can close partially, look to buy any dip with the same stop loss.Leave a comment below if you took it.
Trade closed manually
I closed the limit orders and flipped short with half risk. Sentiment reached a very significant extreme, I suspect this could be an intermediate term top in gold and all precious metals. Stops above the high are ok, at least above 1288.15 is the bare minimum I'd reccomend (and risk half initially!).Trade active
Covered short in profit and flipped long again. Stops at 1232.
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