We have clear signals that the gold bull run can continue, but there's an interesting area for a short above, to rejoin the long term downtrend with a tight entry. We will need confirmation for the trade, since, after breaking our previous trade invalidation, the only other safe location for a stop is the monthly level at 1172.99, and that would be really wide. So, I will wait and post my short entry when it's confirmed. Cheers, Ivan.
If long with the suggested hedge trade, exit now, or at least close 75%.
If we move over 1155.25, then shorting would be hard to reccomend.
Waiting a bit more, but it's already a short here, stop at 1163.28 roughly.
jangseohee
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IvanLabrie
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It's clear to me that gold is resuming the longterm downtrend here.
I'll wait for a retracement in the daily, and 5 days without new highs to short it again.
4h and 1h chart has been giving good signals but the big moves will come after this 15 bar uptrend expires. Aiming for 913.
4h view:
Once we get 5 days without new highs, we can look for shorts again using a variety of setups. No way to know for now.
IvanLabrie
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Moving stop to 1154.11
IvanLabrie
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Market sold gold now, stop 1163.60.
Entry: 1152.08
stragaw
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close long )) added short
IvanLabrie
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Great!
Sokow
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Hey Ivan,
here is my chart from the EW perspective:
Good luck for all of us ;-)
IvanLabrie
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Great, watching closely. Risk/reward of the short is ridiculously good. Can be the trade of the year once we get it right.
IvanLabrie
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Interesting, we might have a short here.
Will the monthly downtrend continue now?
It's really hard to say, but for now I'm standing aside.
If we move over 1155.25, then shorting would be hard to reccomend.
Waiting a bit more, but it's already a short here, stop at 1163.28 roughly.