And if the pattern I've outlined repeats, I see gold bouncing back after FOMC decision, as Fed Fund are now pricing in 100% chance of interest hike. The only positive news for US Dollar could be tax reform developments, but there is also
a lot of global uncertainty.. or positive news regarding 2018 hikes, but i am not looking for that long-term of a trade. I see a high reward/low risk trade and that's why I am choosing to enter.
Entry 1: 1241
Entry 2: 1238
Entry 3: 1235
Stop Loss: 1230
Target 1: 1263
Target 2: 1280
Target 3: 1299
I have entered the trade at 1241 with pending buy orders at 1238, 1235.
Trade safe people and protect your capital, it's a war out here, you need to wear a vest, helmet, boots, hide in the trenches and be prepared with your guns. You cannot walk into the battlefield empty handed and vulnerable, and then complain or make excuses when you lose everything.
Moved stop loss to 1250. Will see where gold closes on Friday to decide whether to hold longer or close the rest of the trade in profit now.
I am biased towards a LONG position for the next month or so.... will wait for a buy signal