With the greatest of respect, with results like that I would suggest that you consider giving up attempting to trade - or if you insist on continuing, definitely use a stop...
beeb
GoldenEuro Cross (XAU/EUR) GoldenAussi Cross (XAU/AUD) 51 replies
Gold futures & XAU 77 replies
Daytrade - XAU/USD & XAG/USD 14 replies
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Successful XAU/USD traders 7 replies
DislikedThe metals were moving in tandem with US$ but they seem to have returned to their more usual negative correlation now.
Gold fell $65 overnight and the NFP data was likely just a trigger for gold to retrace to the 38.2% Fibonacci from the high yesterday to the low this morning, then US PMI triggered gold and silver to both pull back to precisely the 38.2% Fibonacci of that retracement.
We haven't had really reactive Fridays in a long time, so barring some attention-grabbing headline (usually a rumour) this afternoon you probably won't see...Ignored
Dislikedhowdy folks ! as you americans would say.
iam back on the gold thread.
long time no see.
i see we have some new faces here on this thread, cant see any of the old guys around, except for beep. not sure whats happened to those guys ? maybe they lost too much and given up trading ?!
me, i have been quitely making money so no time to engage here. but, i have the next two weeks off ! so will be here for that duration, get back to old ways for a change. missed this thread.
see ya next week !Ignored
DislikedLook at what happened technically and fundamentally here on the daily gold chart.
Technically - the spot price hit a rising daily trend line, although in a downward channel, once the trendline was hit there was also HORIZONTAL STRONG SUPPORT (Which prior to the flip was actually resistance- this usually happens though) lined up to back the bounce and VOILĄ Bounce!
So that shows you the power of horizontal support and trendline support.
Now there were likely orders resting in this area waiting to be filled in anticipation of a dip due...Ignored