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you want to miss more?we are opening long position-At the time of writing this alert our long position in gold, silver and mining stocks is well justified from the risk and reward perspective- yesterday gold broke the significant support but due to the fact that mining stocks showed there strength and moved higher some traders may argue that the breakdown we witnessed is rather irrelevant, we believe they are right but not entirely and there good reasons to back up our thoughts 1-Mining Stocks strength is fine but one needs to be aware that the breakdown in the yellow metal is not yet confirmed 2-gold reached other important support levels let's take a closer look at the gold chart- Gold moved lower as we predicted when it was trading around 1358 and we closed our short position at 1255, although our target area was lower due to these mentioned facts it seems better to close our short position(however we think precious metals will plunge more after a short rally) . Based on the 2015-2016 rally The 38.2% fib retracement was at $1253 .Based on the 2016-2018 rally, The 50% Fib retracement is at $1246 On an intraday basis gold closed at $1253 after it declined to $1248, Due to the fact that The gold didn't actually break down the price level we were expecting it to break, it seems likely that this price action is not that important and we are invalidating this move,Overall since gold declined to its support levels and is very near to its cyclical turning points, Output is very bullish at least from the short term view Silver-white metals declined to its previous lows in intraday and tested it out and reversed before the session ends and we didn't witness any significant breakdown,some traders may argue that just because silver didn't soar quickly after it reaches its bottom output seems less bullish, That's not the case,Remember when we witnessed a downfall in white metal in the first half of 2016,In that situation it took silver 4 days to bottom but when it finally bottomed out, a sharp upswing followed, so overall our view on silver is well up-to-date and output seems bullish for the short term Conclusion-our short-term view on gold and silver are very bullish while our long-term outlook remains bearish there are many signs pointing out for the short term bullish reversal that we think that it's well justified to open a long position in gold and silver at this point Sell Order: XAGUSD(Silver)(short-term signals) (please note-we can change t.p or s.l depending on market condition) Buy Limit Price: 16.080 Take Profit: 16.540 Stop Loss: 15.880 Buy Order: XAUUSD(Gold) (short-term signals) (please note-we can change t.p or s.l depending on market condition) Buy limit Price: 1253 Take Profit: 1278 Stop Loss: 1239
FX_IDC:XAUUSDLong
by NeerajPandey
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