Similarly to Silver, Gold has retraced back to support, in this case, also matching the Brexit session low, but also, the level where the most accumulation took place, before the previous uptrend signal triggered in the 8-day chart. This is the timeframe 'in control' and it's flashing the lowest possible risk entry to get long Gold.
Entry is on a breakout above the last session's high with stop under the low, and the target is 1490.09, which happens to coincide with both, the lowest volume price zone since the top in 2011, and, also the 50% retracement of the downtrend that took place ever since, and bottomed this year. China might 'buy the dip' here so let's follow their lead and take this entry. Risking 1%-2% can yield a nice 9-18% return once we hit the target, so don't miss it.
Good luck,
Ivan Labrie.
Trade stängt manuellt
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I don't like the action here I'm getting out and holding CEF longs for now.
Handel aktiv
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I'm getting back in, the move down stopped for now. I like Silver breaking back above the Brexit resistance as well.
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The reaction to the current situation shows lack of interest in metals, I'm closing for a modest 0.22% profit in gold and silver.