Normally I don't count breakouts on Friday which end up with losses in coming trading days. My preference is to keep away from the market at least for a week for "swing trading". Scalpers have plenty of opportunity. We are not expecting rate hike this month. Since last two weeks the sentiment on gold was too . with out bull we don't drop. :)
lets get back to the important level to watch. 1232 50% correction of the swing. We found resistance here. 1240 38% of entire down swing. 1198-92. Fib extension target. Here is the area I am looking to buy Gold . I am patient enough to wait until it reach the level before FOMC meeting.
If gold going further up next week I prefer short before FOMC with two reason.
1. DXY should start to bull
2. UJ should find the support before the meeting
I titled it as wrong idea because I am not trading this. I am waiting and scalping on 30-1h timeframe.
Took my 1st Short position of the Week 1238. at the tip
There is NO reversal sign yet.
But what's gonna happen to lots of shorts if banksters will push the price of gold further up next week???
What's gonna happen to lots of small retail traders who were not able to close their shorts on Friday?? Well, i do sincerely hope that im wrong...
GOOD TRADING TO EVERYONE NEXT WEEK!!