Based on my trading strategy, sells are the highest probability for Gold today - if you look at the Federal Funds target rate probabilities, there is a shift in investor sentiment the past 3 days, each day progressively leaning more towards a higher rate hike in the coming FOMC conference. This would mean that investors are pricing in a stronger dollar, and therefore weaker XAUUSD. On a technical level, there is also new bearish momentum, 2 of my time frames have flipped bearish (weekly and 4H), while the other 2 are bullish still (Daily and 30m). We have just come back into alignment with a Downtrend on the 1H which presents a good opportunity for the 30m to flip back bearish, and that is my trade setup. Where do you think Gold is going today? what about in the next few months?
For this specific trade, assuming price reaches the green line on my chart at $1740, that is a good place to secure partials, then I will let the rest run at b/e.
For this specific trade, assuming price reaches the green line on my chart at $1740, that is a good place to secure partials, then I will let the rest run at b/e.
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I would close positions now if you are still holding a sell position. As volume begins to decline a retracement is more likely to occur. Securing profits while you can is so important.