There is a week now since Gold is fooling around in a (more or less) 100 pips range. My bullish bias isn't changed ( at least for now), but the incapacity to stay above 1760 and have a decisive break of this zone is starting to annoy me. From a technical perspective, as I said, we have a 100+ pips range with clear support under 1750 and resistance above 1760. Considering last week's close, the bulls are in control. However, in the short term, we can see that Gold is trying to carve an H&S and a break under the neck-line would confirm this pattern and would change the chart's structure in a strongly bearish one. That being said, I will stay long for now, with tight SL
Talk about do or die...It's more ''die'' for me. I took a short around 1765 from yesterday, and I was in profit for hours but the Bulls came in this morning at 1756 and completely changed the game!!
Bulls went straight over from 1756 to the 1763 area with one big candle which now confirms my reversal idea from yesterday. I think the reversal from this long downtrend is imminent. Unless NFP proves otherwise. Bears should now wait for 1800 or 1830 for entries.
That's humble view.
Mihai_Iacob
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@yann2zen, you are right, to be strongly bullish on long term needs to be well above 1800
I trade f9r 2-300 pips though, so if it goes to 1780 i m more than happy.
As for short trades, as long as is staying above 1750 is bullish from my point of view.
yann2zen
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@OptimoomFX, Absolutely!
Khanaa_
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thank you for sharing this situation, bullish will just last a day then drop to again $1600-1700 in day chart if bullish continues on it will break last 6months of resistance
Bulls went straight over from 1756 to the 1763 area with one big candle which now confirms my reversal idea from yesterday. I think the reversal from this long downtrend is imminent. Unless NFP proves otherwise. Bears should now wait for 1800 or 1830 for entries.
That's humble view.