the market is looking for a resistance level and the shorts are hungry. i think this may be the short term top before the handle to a presumably continuation of the long term breakout.
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silver was easy 17.19, gold however was more difficult to pinpoint, what solidifies the trade is all this rise in gold saw no action is silver and the gold silver ratio is retracing off the lows hard.
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trying to figure out when to take profits on this short term xau short. I want to make sure there isn't a break below 1306 which would lead to lower levels into next week.
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i took profits and 1306 and went long, watching very closely, a break down could happen quickly.
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took profits from the 1306 long. i really dont know where this market is going atm...
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Everything was pointing to correction and the market said NO. You can even see the candle in which the next breakout point was tested on the up and downside within 15 minutes. The market made its mind and will keep pushing towards a huge brand new BULL market breakout move. How big some of these upside moves are going to be is to be seen. That depends on the news and what these crazy equity markets decide to do siting at parabolic all time high levels.... hmmmm
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still consolidating. I am looking between 1300-1290 to reenter the market long. Perfect entry would be long at 1292.