Gold

just went long today, a few reasons for doing so but main was is that we have retraced between 50% and 61.8% of the previous up wave. Price held this week again

and I have a H4 Long signal.

Short term trade?

Im planning on going long at 1300 on a first attempt basis with a 5 pip stop

So it has entered into temporary support zone on the 4H chart:




However, despite being in a support zone, I won't be going long for the following reasons:

1. Bounce of key resistance (see chart) which was the 38.2% fib from the extreme low to high
If you look back at my charts on here you can see just how consistent Gold trades of the fib area's

2. Bearish break of the RSI trendline on multiple timeframes

3. Stochastic and other momentum indicators look bearish

Chart:




However, if you note on the Daily chart, there is a bullish break of a downtrend resistance line. This could be a false breakout however, as I think the price was always going to test the fib area.

Due to the uncertainty, I am staying out of any long term moves for gold until the direction bias becomes clearer.

I may trade on the short term moves though.

Stopped out from the squeeze.

Lesson learnt.

Should have had faith in the RSI weekly and original positions at 1244 and 1270 being particularly safe.

The uptrend was definitely showing strength on Friday after my short, that's what you get for trying to be clever lol.

I guess the underlying power of the bulls and the danger a short squeeze should have put me off. A bit of of a red or black trade that one...

It just got blitzed

Paitech wrote: A CONTINUED BULLISH TAKE ON GOLD
www.spreadbetmagazine.com/blog/a-continu...sh-take-on-gold.html