We have an interesting technical setup in gold, might start moving today with the US GDP news. Anything under 1143.26 is a buy, as long as above 1129.87.
Aim for a retest of the high at 1156.65 initially, then for target #2 we can look to take some profits at 1170-1176, and for target #3 we get a lower probability move to 1220.38.
You can split the entry in 3 orders like I did, will be better for managing the position. You can use either 1122 or 1129.87 for an SL (or both for different portions of the trade).
I'll give you live updates and trade management cues via my zulutrade page, as usual. Check out my profile for the link. Good luck, Ivan.
Yes, that's what I think. The uptrend target is on my chart, very unlikely to move past that zone.
cooney_s
⋅
Not much fundamentally speaking to give gold a push higher, yet. Everytime the FED talking heads open their mouth, gold drops. I think we will see $1,100 before $1,170. But once it gets to that buy level, I would image it could rally as by then the Fed will have lost all credibility, IF there is any left.
IvanLabrie
⋅
Yes, fundamentally speaking the situation is complex, but there is a lot of interest in metals as of late, and the suppression of paper prices, when compared to how the premiums for physical keep rising makes suspect something big's about to happen.
BCMel
⋅
Certainly stuck in the channel. Will the pitchfork defeat the cyphers?
IvanLabrie
⋅
It's worth a shot...
IvanLabrie
⋅
This sl was a bit too tight.
Trend signal SL is 1122.
justatrader
⋅
There's a neat inverse H&S on the daily, with the neckline at 1140 and a target to 1179/80 region... not sure if it will carry forward to +1200 level but with splitting into orders as you said, the final position could be trailed.
IvanLabrie
⋅
For sure, the entry has been triggered, it would be a matter of trade management now.
You took the long based on the H&S?
justatrader
⋅
I was... until I woke up a bit later than usual this morning hoping to adjust my stops. Price got the first move and took out my stops with only a small profit. Lost a trade because I woke up late, markets have a sense of humor. Anyways today's lows gave quite some opportunities