Update on the previous long idea - not a new long idea.
It's too late to go long here as we can top out anywhere from today to the next 5 days.
The top will occur in the next 5 days ( the latest date for the top is the 16th March ) .
As we are clearly in a range between 1308 - 1361,45 gold should peek out at the tag or marginal breakout of 1361.
I don't suggest to buy this breakout because it will be a false breakout and gold will be heading to sub 1300 again....
It's too late to go long here as we can top out anywhere from today to the next 5 days.
The top will occur in the next 5 days ( the latest date for the top is the 16th March ) .
As we are clearly in a range between 1308 - 1361,45 gold should peek out at the tag or marginal breakout of 1361.
I don't suggest to buy this breakout because it will be a false breakout and gold will be heading to sub 1300 again....
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I’ve set a stop below yesterday’s low.
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It seems we are not going to tag the top of the range. I’m afraid smartmoney will get rid of their gold positions when stocks start to really rally. Especially if the dollar rallies.
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We stopped out a month ago but yesterday we got the false rally i was waiting for in this idea. I still think the range will break down first before we break out to the upside.
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Sorry this is the correct picture of the range with the false breakout:
