Update: Gold Corrective Bounce

Trade Update

  1. Follow us on Twitter for the latest update on positions taken
  2. Gold short ~ 1072 closed half at 1066 and remaining closed at 1066.5
  3. Biased for a short term bounce (see next article)

1 hour

4 hour

Trade Idea:

  1. Buy on pullback at 61.8% – 1061 with stops below previous new low 1050 (risk 11) and a target of 1080 and 1087 respectively (move stops to break even upon reaching the first target)
  2. Sell at resistance at 1072 with tight stops above today’s high 1076 (risk 4) and target the Fib pullback levels and move stops accordingly

 

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