Hi Team!
This was going to be for Tuesday, but after gold was so kind to us last week, I didn't want you to miss out.
One of two things is now going to happen with GOLD.
1.) We bounce from the current short-term descending trendline and go back down for a fast 100 or so pips.
2.) We go back up to the major descending trendline, before dropping back down.
TP for either is going to be around the 126 mark.
Personally, I am entering a sell limit for the first points on the chart. If it goes higher, it's only a small loss, and it's money we can make back tenfold once we reject from the major trendline.
A lot of people lose money on gold by chasing trades. If you don't get a great entry, just walk away. Don't give your money back to the market. When it moves, it moves really fast, so keep your eyes on it.
There is a TONNE of news that will affect USD this week, especially Monday and Tuesday. Try to avoid entering around these times, as the volatility will broaden your broker margins to such a degree that you are more than likely to be wiped out.
Good luck, Trade safe.
DrBear
This was going to be for Tuesday, but after gold was so kind to us last week, I didn't want you to miss out.
One of two things is now going to happen with GOLD.
1.) We bounce from the current short-term descending trendline and go back down for a fast 100 or so pips.
2.) We go back up to the major descending trendline, before dropping back down.
TP for either is going to be around the 126 mark.
Personally, I am entering a sell limit for the first points on the chart. If it goes higher, it's only a small loss, and it's money we can make back tenfold once we reject from the major trendline.
A lot of people lose money on gold by chasing trades. If you don't get a great entry, just walk away. Don't give your money back to the market. When it moves, it moves really fast, so keep your eyes on it.
There is a TONNE of news that will affect USD this week, especially Monday and Tuesday. Try to avoid entering around these times, as the volatility will broaden your broker margins to such a degree that you are more than likely to be wiped out.
Good luck, Trade safe.
DrBear
