Gold Short
Aggiornato
Looking to short gold near all time highs.
Gold may drift up more in the coming weeks, if so, I plan to short the market may the opportunity present itself to us.
For this short I will need some confirmation from COT data confirming firms are indeed increasing their short positions and exiting long positions, however bear in mind gold is still being short more so by institutions than the metal is being longed. This trade will also depend largely on the Fed's rate cut decision.
Where I get accurate current and historical COT data from: cotperspective.com/commodityexchangeincgoldcommercial.html
I will be shorting from 2472
Stop Loss: 65 pips (6.5 dollars)
Targeting 2430 area
Technical Confluences;
3rd touch trendline
Key Level
Silver Alignment (refer to silver chart for zone)
Catch you later Traders ▲
Gold may drift up more in the coming weeks, if so, I plan to short the market may the opportunity present itself to us.
For this short I will need some confirmation from COT data confirming firms are indeed increasing their short positions and exiting long positions, however bear in mind gold is still being short more so by institutions than the metal is being longed. This trade will also depend largely on the Fed's rate cut decision.
Where I get accurate current and historical COT data from: cotperspective.com/commodityexchangeincgoldcommercial.html
I will be shorting from 2472
Stop Loss: 65 pips (6.5 dollars)
Targeting 2430 area
Technical Confluences;
3rd touch trendline
Key Level
Silver Alignment (refer to silver chart for zone)
Catch you later Traders ▲
Nota
Will looking at this trade around the CPI release this coming Wednesday. Hopefully retail will be at peak buying during this time giving institutions enough liquidity for the short. Nota
Gold approaching the zone much earlier than anticipated, showing large volume, target has been reduced to 2450 areaNota
Volume of previous day is very high for pre CPI. Personally closing for small loss of -30 pips. Trade chiuso: obiettivo raggiunto
Target reached, more drawdown in this trade was experienced before making the full move
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