Daily Trading Strategies on Gold/Forex

Quote from Gold Trader:

current price @ 624
short @ 624
stop @ 627
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the call was stopped out.

current trend has been extremely bullish in previous week.

in my opinion, technically, gold is overbought in short term and medium term. but it is the beginning of new uptrend in long term.

gold just came out of a triangle pattern in weekly chart. it indicates that gold would be very much higher in long term.

i think there would be a short term correction in a couple of days.

bulls have to rest to run for another strong move.
 
as i expected, gold is signalling to make a correction.

here is a 2h chart showing uptrend line breakout and my own indicators are showing downtrend.

double top formed at 630 and it would target around 610~611 in a few days.

short @ 623
stop @ 626.5
target @ 615
 

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I am also short spot gold. 50oz on Nov 3 at 624.50 and 50oz on Nov 6 at 625.70.
Avg price 625.10
It is currently at 623.10. I currently have my take profit at 614.00 with a timed stop of 2 days.

It looks good that it ended the NY session at the LOD on the daily charts. Expecting a strong move down within the next 2 days.
 
I decreased my size. I took 50oz of my 100oz off the table with a nominal gain.

I'm still holding short 50oz but don't feel as confident in the move right now.
 
Got out of entire position at 623.40. Not willing to hold any longer. Move lower did not materialize in time frame I'm comfortable with.
 
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