Short gold around 1248-1278

Gold is getting overbought and 1250$ has been past support and resistance, as well as a psychological level. The weekly pivot R3 and 0.5 Fibonacci level coincide. Also we are still below the 200MA of which we could bounce. Anything above 1250$ is too much for me. Gold is in a long term downtrend, which in my opinion will end when the US dollar loses a lot of its strength.

Kommentera:

As it missed my first target, I didn't enter this trade. Shorting around 1274$, with a generous stop loss might be a good idea. First target 1221$, second target 1202$ and third target 1185$.

Not going in with full size and shorting from 1275 to 1305 incrementally might be decent too.