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  • #3,381
  • Sep 13, 2022 9:20am Sep 13, 2022 9:20am
below 1683, Gold can fall easily to the 1616 area

the longer it spends time around 1683, the riskier it gets for bulls
Attached Image (click to enlarge)
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,382
  • Sep 13, 2022 2:49pm Sep 13, 2022 2:49pm
Next three days will be interesting due to PPI, Retail Sales and consumer sentiments. Let’s see if price break support at 1669 in coming three days or next week. In my opinion 1669 weekly candle on August 2021 is important level.
Love for all; Hatred for none.
  • #3,383
  • Sep 14, 2022 9:22am Sep 14, 2022 9:22am
waiting for 1683 to be tested
Attached Image (click to enlarge)
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,384
  • Sep 14, 2022 9:29am Sep 14, 2022 9:29am
Quoting ForexGoose
waiting for 1683 to be tested {image}
Green PPI report couldn't push enough to test 1683. May be tomorrow?
Love for all; Hatred for none.
  • #3,385
  • Sep 14, 2022 10:10am Sep 14, 2022 10:10am
Quoting aahmad29
{quote} Green PPI report couldn't push enough to test 1683. May be tomorrow?

Maybe, but do you really think the US Retail readings are gonna be strong/positive? Maybe it won't be, and then Gold will go back up to test 1735 until the FOMC meeting/Interest rate hike next week? Really keen to see when the "capitulation event" in Gold will take place!

But if it does go down, and bounce off 1683, then the quadruple bottom on the Daily will have formed, and maybe then the new Bull run will start, although after yesterday's hot CPI reading, there might be many rate hikes (until early next year).
"Who Dares Wins"
  • #3,386
  • Sep 14, 2022 10:22am Sep 14, 2022 10:22am
Quoting aahmad29
{quote} Green PPI report couldn't push enough to test 1683. May be tomorrow?
I think it could happen next week if the FED is really hawkish

I got sell stop orders placed under 1680 just in case there is heavy selling
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,387
  • Sep 14, 2022 10:26am Sep 14, 2022 10:26am
Quoting ForexGoose
{quote} I think it could happen next week if the FED is really hawkish I got sell stop orders placed under 1680 just in case there is heavy selling
TP 1616?
Love for all; Hatred for none.
  • #3,388
  • Sep 14, 2022 12:36pm Sep 14, 2022 12:36pm
Short position closed

Sell 1705-1700

Added two short positions
sell Limit 1705 - 1700
Sell Limit 1730 - 1700
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD.png Size: 35 KB
Love for all; Hatred for none.
  • #3,389
  • Sep 14, 2022 1:14pm Sep 14, 2022 1:14pm
Quoting aahmad29
{quote} TP 1616?
i wouldn't state that is an immediate target, but the downtrend can progress towards that level and below as the FED becomes more hawkish and the market realizes that they are wrong about interest rates

you got to study the market on the interest rates

https://www.cmegroup.com/trading/int...n-to-fomc.html

if the FED hikes more, they hold the rates higher for longer, then Gold is going to collapse as a non-yielding asset, especially in a recession when the demand for Gold in production is low
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,390
  • Sep 15, 2022 3:51am Sep 15, 2022 3:51am
Really strange things going on .

I had a buy position placed yesterday evening. Than in the night I put a tp at the begin at 1700 to close the position without loss.

Not a large position but the trade is closed. But on the most charts the high was around 1697 at that time.
Maybe it was so small position that someone thought lets take that too.
  • #3,391
  • Sep 15, 2022 5:25am Sep 15, 2022 5:25am
Quoting Eren10
Really strange things going on . I had a buy position placed yesterday evening. Than in the night I put a tp at the begin at 1700 to close the position without loss. Not a large position but the trade is closed. But on the most charts the high was around 1697 at that time. Maybe it was so small position that someone thought lets take that too.
Reason may be spread. You can confirm from your broker
Love for all; Hatred for none.
  • #3,392
  • Sep 15, 2022 5:27am Sep 15, 2022 5:27am
Quoting ForexGoose
{quote} if the interest rate will be 4% in 2023 and the FED is not going to cut, then I expect Gold to sell-off heavily as there is no reason to earn a non-yielding asset compared to the Dollar that is why I'm interested in selling rallies where bull traps can form
In current scenario selling rallies caused by some news items or technical reasons, is a good idea. With hawkish fed and supporting cpi numbers, odds are more in favour of a big drop from here on, which may happen anytime.
  • #3,393
  • Sep 15, 2022 5:44am Sep 15, 2022 5:44am
Quoting aahmad29
{quote} Reason may be spread. You can confirm from your broker

I was at that moment in a selling position. Meaning the lowest value (bid price) should have touched 1700. So it is not spread related. I have checked at 3 different sources high was around 1698.

Actually at the broker where I trade I can see the spike at that time on 5M graph but not on 1M graph.

This was in my favour so I am not complaining. But hopefullt is someone not caught on this who was selling and had a sl placed just above 1700.

—

Gold looks very weak.
  • #3,394
  • Edited 6:25am Sep 15, 2022 6:10am | Edited 6:25am
Quoting azizk20
{quote} In current scenario selling rallies caused by some news items or technical reasons, is a good idea. With hawkish fed and supporting cpi numbers, odds are more in favour of a big drop from here on, which may happen anytime.
maybe it will drop after the retail sales data

i went long from 1684, stop loss is 1673, target profit is open

I also have sell stop orders starting from 1670, stop loss above 1684, target profit open

maybe I can play it both ways
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,395
  • Sep 15, 2022 7:24am Sep 15, 2022 7:24am
it wants to crack below 1683, but is confused before the red data in 5 minutes
Attached Image(s) (click to enlarge)
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,396
  • Sep 15, 2022 7:32am Sep 15, 2022 7:32am
core retail sales was soft, i think that gold could go up from current levels

i'm going to stay in long from 1684 and put a stop loss at break-even later
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_2022-09-15_08-31-27.png Size: 35 KB
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,397
  • Sep 15, 2022 7:53am Sep 15, 2022 7:53am
Quoting ForexGoose
core retail sales was soft, i think that gold could go up from current levels i'm going to stay in long from 1684 and put a stop loss at break-even later {image}
adjusted stop loss to 1684, targeting at least 1711

this will be my only long trade before the FED decision next week
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_2022-09-15_08-51-59.png Size: 36 KB
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #3,398
  • Sep 15, 2022 9:03am Sep 15, 2022 9:03am
Quoting ForexGoose
{quote} adjusted stop loss to 1684, targeting at least 1711 this will be my only long trade before the FED decision next week {image}
I am with you but Take profit is 1700
Love for all; Hatred for none.
  • #3,399
  • Sep 15, 2022 9:46am Sep 15, 2022 9:46am
1680 is support area lets see if it will hold.

But before the interest rate decision the markets wants to sell gold.
  • #3,400
  • Sep 15, 2022 9:50am Sep 15, 2022 9:50am
Quoting Eren10
1680 is support area lets see if it will hold. But before the interest rate decision the markets wants to sell gold.
it' broken very badly
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