GOLD / hard

On this chart 1248 was intraday target that is reached.
Next 3 are not.

In this idea it is a follow up so we know is gold about to reach next 3 as well.
Basically if gold opens and first move is up and touch 1249.5 - 1250 then I think it retrace to 1245.
If gold is a bull then it is sensitive that it does not break 1245 level and retrace up from there.
If gold break 1245 then it go 1242 and break of 42 lead to dump because gold if go down again then go much more than 1236 ( L today )
If gold open and first move is down right away to 1246 1245 area that is great bull sign and I think I add to buys there with confidence.

I do think that 1250 will be taken out but it depends on first move behavior after opening.

Bình luận:

I am not a seller above 1245, I could hedge my 1237 buy if I see a first move straight up in 1250 level, but that is under question.

Bình luận:

First move up hit almost 1250, so I expect now a retrace to 1246 1245.

Bình luận:

Ok that was fast. Now watch behavior at 1246 1245, if intraday there is bull we need retrace up from there.
UJ is supporting that as it could make double top and hit the trendline again. Let's see.

Bình luận:

somewhat a nice impulse on 1246, as well UJ

Lets see can we now break 1250 upward.

Bình luận:

Going offline.
However watch for bears to lose strength anywhere at 1246-1245-1242 for a possible reversal, and aim 1258.
Since we are in buy from 1237 no rush with adding to more buys.
However if 1242 is broken I don't want to be in buy then:

Take care for now.

Bình luận:

" However if 1242 is broken I don't want to be in buy then "
Gold now fall to 1233

Bình luận:

1233 achieved, was little bit late to enter but took 5$ down move at least.