Broker Arena

December 4, 2019

Gold prepares to jump. JUICY long trade

Gold prepares to jump. JUICY long trade

Fundamental context:

  • Clearly, China and US won’t make the deal. There was a lot of optimism priced in Gold (from me too!), based particularly on Trade Progress, which now starts to unwind
  • Tariffs are due to take effect on December 15. A lot of tariffs.
  • Surprising gloomy US Manufacturing PMI – 4 straight month in the downtrend, weak employment, new orders, production sub-indexes
  • Escalation over US Hong Kong and Xinjiang bill. Go and count how many times Chinese foreign Ministry used word “revenge” in their recent statements. 🙂

Technical context:

I expect to trade classic bullish flag which well-worked last time. Currently, the price has retraced by approx. 38% from the peak which is well enough to start expecting the breakout. RSI is in the downtrend watch for its breakout too as a confirmation. Key level to watch is 1490-1491, I wouldn’t recommend to get into the trade before we get the reason.

 

Gold bullish flag

My live account http://bit.ly/pipvision

TRADE SETUP:

Entry price: $1490-1491 only after pullback on the lower timeframe.
Take profit: $1600
Stop loss: $1469

Enjoy and Happy Trading!

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