https://www.tradingview.com/x/VhQjRwsJ/
During the Thursday 29 August 2024, NY session of Gold & Precious metals trading, I noticed some good momentum in Long-positions, so priced looked to be headed up to test 2531.65 which is firm resistance (and below from 2528.50 & even beneath there), where on Wednesday during the Asian session a lacklustre performance in price-momentum of Gold relative to Silver saw it sell off strongly all the way back to 2493.50. Good-on-you if you got in at that price-point because the Gold-bulls drive price back up so quickly.
I have digressed a bit, this week we have seen the start of a recovery in the US Dollar and the index that tracks it, the USDX tested the 101.50 level during yesterday before moving back down. I mentioned during the last NY session that I was cashing in my long-positions in Gold and looking at a possible short. Well full disclosure I am still Short-gold today Friday in the Asia session. Mind you I had to get Short in & out 2 times because price rallied against me, that is trading.
I even forgot to book my profits during yesterday when price got to 2528.65. Why? I honestly thought the Gold price with its momentum would take 2531.65. There's my mistake. Never anticipate the market. If you have conviction on a firmly held idea with a variety of technical analysis confluence & fundamentals to go with it, then that is different, but saying to myself 'we are going to get over hard resistance zones (2528.50-2531.65) and 'I'm gonna ride this baby all the way to a new high today', that is wishful thinking.
What I have learnt about trading Gold & Precious metals is to book your profits. Then you can let price retrace and go again in the same previous direction that booked you all that profit.
Anyway, take a look at my chart, please and keep an eye on a break of the 101.50 area where the USDX could engage in a more firmly held rally as we head towards the 'interest rate decision' in the USA in a few weeks time. I think that the Gold-price is extra sensitive to the Dollar at this point in time and I think the rally in the USDX (see an article I wrote last weekend below - click on the chart) that we are going to see may keep a cap or a lid on the Gold price at least until it explodes upwards on an interest rate reduction. This is my analysis only, I don't get cues from anyone else.
* Trading is risky. Please don't rely solely on my investment advice & trade setups.
Regards,
Chris
easy_explosive_trades
During the Thursday 29 August 2024, NY session of Gold & Precious metals trading, I noticed some good momentum in Long-positions, so priced looked to be headed up to test 2531.65 which is firm resistance (and below from 2528.50 & even beneath there), where on Wednesday during the Asian session a lacklustre performance in price-momentum of Gold relative to Silver saw it sell off strongly all the way back to 2493.50. Good-on-you if you got in at that price-point because the Gold-bulls drive price back up so quickly.
I have digressed a bit, this week we have seen the start of a recovery in the US Dollar and the index that tracks it, the USDX tested the 101.50 level during yesterday before moving back down. I mentioned during the last NY session that I was cashing in my long-positions in Gold and looking at a possible short. Well full disclosure I am still Short-gold today Friday in the Asia session. Mind you I had to get Short in & out 2 times because price rallied against me, that is trading.
I even forgot to book my profits during yesterday when price got to 2528.65. Why? I honestly thought the Gold price with its momentum would take 2531.65. There's my mistake. Never anticipate the market. If you have conviction on a firmly held idea with a variety of technical analysis confluence & fundamentals to go with it, then that is different, but saying to myself 'we are going to get over hard resistance zones (2528.50-2531.65) and 'I'm gonna ride this baby all the way to a new high today', that is wishful thinking.
What I have learnt about trading Gold & Precious metals is to book your profits. Then you can let price retrace and go again in the same previous direction that booked you all that profit.
Anyway, take a look at my chart, please and keep an eye on a break of the 101.50 area where the USDX could engage in a more firmly held rally as we head towards the 'interest rate decision' in the USA in a few weeks time. I think that the Gold-price is extra sensitive to the Dollar at this point in time and I think the rally in the USDX (see an article I wrote last weekend below - click on the chart) that we are going to see may keep a cap or a lid on the Gold price at least until it explodes upwards on an interest rate reduction. This is my analysis only, I don't get cues from anyone else.
* Trading is risky. Please don't rely solely on my investment advice & trade setups.
Regards,
Chris
easy_explosive_trades
Nota
If you would like to read it, then please feel free to take-in an article I wrote about the US Dollar & it's index the USDX, which I tipped (with a slight hedge) would commence a rally this week.
Nota
This is a 1HR chart of the Gold price and the approximate location where I got Short. Will price make it down to those neck-lines? Well I sure bloody hope so because currently I am not Long-gold. But I hope to be again soon.Trade attivo
Update on my Short:I am still short. In fact I have not been giving this gold-short much attention the past couple of hours because I today thought I would trade a couple of ASX CFD's. Eightcap (this is not a plug) I switched to only about 2 weeks ago, they have got so many different things you can trade.
So you can see here in this 4HR that Gold is descending in a triangle from a double top. Guys for me a Double-top is price weakness especially on a 2HR, 4HR, D chart. Once you can see that notorious M_Top shape in your mind, it's a tempting Short. I don't generally start my trades with Stops, but if you Short Gold or whatever on a highertime frame right up the top, you place your stoploss usually just above the resistance zone so your RR is incredible. I have shorted this way before risking only 0.25% of my account and I was given the go-ahead for 4 lots.
Nota
This is the 5m chart a few moments ago.Nota
This retracing a bit at the moment 2518.50 might be a good sell on the last 30m Candle. Take a look.Trade attivo
Because price descended quite sharply in the last little while, it caused a deep Cup to form on a 10 second timeframe....this will playout to the upside and then price should move down again.Nota
Deep retracement rebalances inefficient 4hr candle from 10 Thursday NY.Ordine annullato
I took profits in this Short. But I think this has more to fall.Nota
Nota
Very recently just before Friday NY trading session. The USDX is breaking out fuelled by the Weekly Stochastic Crossing up. Gold retreating in price as a result.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.