Fading tension and rising dollar are pusing pressure on Gold
I published an idea on my another account to short Gold a week or so ago. Actually, the best spot to short gold was around 1341.xx according to my trading system because noone is listening to the "Rocktet man" threats any more; we all know that it's just another baby threat and dollar is rising again after FED's aggressive statement which on my another account I suggested to long DXY as well. So, XAUUSD is the easiest product to trade right now - really! - I guess it has not been this easy for a while because before this it was in this big sideway mess - now it's trending nice and smooth. My view is still the same for Gold, but shorting at this point is kind of risky as well because my target is around 1260.xx which is an average price zone of the last trading range. If it can go down nicely below 1260.xx well then we might see it hit the lower trading range at around 1215.xx, but that is for the future to decide. Let's look at the graph.
In a day time frame, Gold is declining nice and steady to my target at 1260.xx there was a spike back up on 25th September, but then it continue to decline. At first, I though the decline finished because even FT crossed back up, but then crossed back down a few days later because it was all just a baby threat - Kim was really an attention seeker c'mon don't fall for him. At this point, I think FT will just decline all the way down to the uptrend line of the FT which I believe could be used as a target for those who shorted before this and recently shorted XAUUSD; at this point you can still short Gold, but at your own risk.
In a week time frame, Gold is suggesting something differently. In fact, something better, Gold has recently made a dead cross in FT and is declining, possibly, to the uptrend line I drew which could even be below 1260.xx. From both week and day time frames, I believe gold will just continue this downtrend for a while. I see no foreseeable reversal at this point; shorting gives you a better probability of winning.
In a day time frame, Gold is declining nice and steady to my target at 1260.xx there was a spike back up on 25th September, but then it continue to decline. At first, I though the decline finished because even FT crossed back up, but then crossed back down a few days later because it was all just a baby threat - Kim was really an attention seeker c'mon don't fall for him. At this point, I think FT will just decline all the way down to the uptrend line of the FT which I believe could be used as a target for those who shorted before this and recently shorted XAUUSD; at this point you can still short Gold, but at your own risk.
In a week time frame, Gold is suggesting something differently. In fact, something better, Gold has recently made a dead cross in FT and is declining, possibly, to the uptrend line I drew which could even be below 1260.xx. From both week and day time frames, I believe gold will just continue this downtrend for a while. I see no foreseeable reversal at this point; shorting gives you a better probability of winning.
Trade geschlossen: Ziel wurde erreicht:
I said it both in my personal account and my working account that Gold could go all the way down to 1260.xx. It was there and my target was reached. So, my position was closed. However, if you followed my another account; I closed a little earlier than this when there was a rebound at 1271.xx