Gold is acting quite bullish in the daily and weekly now, and we have different signals in higher timeframes as well. Potential upside is significant, but we need to see a few things happen next. The most immediate one is breaking above the 1241.65 resistance, and holding there. After we do that, we'd need to go up to 1289.80 and test that level, break it and hold above it. That could initiate a massive uptrend, with upside over 1800 in the long term. That could in turn, evolve into a continuation of the long term advance in gold, which would have massive upside in the cards for us.
I'm holding speculative longs with a tight stop, and looking to get confirmation of higher timeframe signals. I'm long miners, CFDs and CEF. If and when we confirm the long term rally, we could be well positioned. But we'll also be ready and aware of what to look out for, to rule out the rally, and turn bearish on gold if needed.
Cheers,
Ivan Labrie.
评论
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交易结束：到达止损
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I got stopped in profit and pocketed 2.3% give or take. Then reentered longs after NFP, with stop at 1200.95, entry: 1217
Thanks for sharing your views on this Ivan, I always enjoy reading your thoughts. To be honest I have been trying to short gold recently with little success. I will be looking to see how the scenario you gave plays out. Good luck!
IvanLabrie
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@SharkbaitAl, I switched to the long side after being mostly long the dollar, and it's going well. It is possible to see a large scale dollar selloff, if this pans out following the bullish scenario. If anything, downside risk is smaller, so it is worth trying to catch the buys.
Good luck!
Mannnassser
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I think ur idea is possible as the dollar is falling down .. we should break 1235 first ... daily SMA 100
IvanLabrie
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@Mannnassser, that would be a good signal. Cheers!
Lucco76
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Thank you ivan for sharing your idea. I always enjoy your posts.
You said you were long miners.
Could i ask you which one ?
Many thanks Ivan
IvanLabrie
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@Lucco76, hi, sure. I'm long NEM. Thanks for your comments, and good luck!