Here's what I know: - Gold is in an uptrend - It put in a nearly perfect 50% retracement - Good support at ~$1,760
What to look for: - break of the trend line...ideally two bars closing above with a touchback. - further weakening of the USD
What to do? - Start adding long positions now with stop loss around $1,750. - Add to long position with break of trend line. - Once the trend line is broken as per above, move stop loss to just below low of touchback level. - Target $2,300...continue moving stop loss higher along the way.
Easy peasy.
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Price bounced nicely from the $1,760 level last week.
Aggressive traders can add if the price revisits that level again with a tight stop.
A conservative approach is to wait for the trend line to be broken before entering long.