Gold – Buy Signal Off 1306 Profits Heavy
Yesterday in our daily market commentary, we maintained our bullish bias, and suggested looking to get long off 1306, having 1320 as your first target.
Today the precious metal formed a two-legged pullback, which found an intra-day low of 1304.77, then shot higher, hitting the first 1320 target of our buy signal for +1400 points in a matter of hours. Keep in mind, this is not a blind entry, as such entries will only leave you trading blind. This is learning to read the price action context in real time, then trading a key level which is likely to maintain the price action context.
But congrats to all the course members who took this trade as we’ve been talking a lot about gold in the lately amongst the members. Those who haven’t taken profit should do so, and if you want to keep some of your position running, we suggest neutralizing all the risk at this point.
After hitting a daily high of 1324, the precious metal has sold off a bit, so we expect the 1306-1325 range to hold for now. Hence look to the range levels to trade with the trend while the price action holds above 1300. Below this, our short term bullish bias will shift to a neutral bias.
