GOLD - Increased volatility brings great entry opportunity!
Upcoming US Economic data is bringing with it; added volatility and the potential for a great risk/reward trade.
With XAUUSD at 6+ Year highs and bullish momentum weakening, this last surge in volatility may be the last opportunity to get short on gold before it corrects downward for the medium term.
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Stop: 1451.1
Entry: 1438
Limit:1383.1
With XAUUSD at 6+ Year highs and bullish momentum weakening, this last surge in volatility may be the last opportunity to get short on gold before it corrects downward for the medium term.
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Stop: 1451.1
Entry: 1438
Limit:1383.1
Stopped at 1451.1. We had a sudden increase in price based off geopolitical factors. Escalating tensions in the middle east as Iran seized a UK oil tanker caused investors to rush to 'safe' assets like gold.
This is a great example of how technical analysis is not a bulletproof system for determining price action, and how geopolitics can influence 'panic' in asset prices. This is why I always recommend having tight stops in-case of a runaway geopolitical event.