Today's call is on gold which has shown weakness in the last week and I expect this weakness to continue in the following week.
The Uptrend which started in mid january of this year was broken in the first week of october as you can see on the chart, Price is now consolidating as it retestes the 200 day . There might even be further price corrections to the upside as the orginal uptrend continues to los its remaining power, this could result in the formation of a J hook pattern. My personal sentiment is or neutral as long as price stays below 1320.
The following is the sell position entered:
I will Enter to sell wehn price reaches 1246
Stoploss at 1282
target profit 1 at 1205
target profit 2 at 1152
Editing the trade:
Once the trade is live wait for target profit 1 (1205) to get hit, In which case I will exit half the position and move the stoploss down to Breakeven. If there is clear momentum and which shows consistancy in selling preassure I will wait for target profit 2 to get hit. If however the price gets choppy and volatile after hitting target1. I will further tighten stoploss to 1235 or exit the trade if momentum moves higher and if the patterns at that time indicate price moving up.