FX_IDC:XAUUSD   골드 스팟 / 미국 달러
As I posted in my prior idea, I sold my gold position this morning when the DXY started to rally.

I am still long-term bull with gold , however it is clear to me that this move wants to retest the 1220 area as this was significant resistance over the past few weeks. There's currently a bearish engulfing on the 1D chart, and the MACD is looking to test a break back down. Furthermore, the golden cross that we got this week, looks like it wants to retest the 100 EMA .

I am currently holding a short position from 1237, and will be looking to re-enter long off a bounce from the 1210-1220 area.

Gold still has bull momentum, and is still within the trend-line (both price and RSI ). On top of that, the Fed isn't going to raise rates in March, so my long-term opinion on gold hasn't changed.

코멘트: Apparently I confused some people by saying I was waiting for a bounce off the 1210-1220 area.

I'm not guaranteeing that there will be a bounce at this level, I'm simply saying that due to the amount of time it took bulls to pass through this level (3 attempts to break and close above 1220), we are likely to see support at this level.

If we break and close below this level, I will be adding to my short position.
코멘트: I'm looking to go long at open, but I will still be holding my short as a hedge.
코멘트: Bought a pretty heavy position in BTO this morning.
코멘트: Forgot to mention I closed my hedge when I went long BTO.

코멘트

my opinion, gold is going to retest 1184 then fall further to 1126 forming a double bottom in D1 then resume up-trend
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YOu may check my profile ideas for that .
Happy trading

#economicfreedomFX
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Yeah I noted yesterday that GOLD was quiet over cooked and needed to let off some steam.
That's affected the USD in my view and validated the bulls in that currency.

A major resistance remains to be broken in the USD Index, with the Gold correction being a major driver.
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GeorgeJimas PriceActionPmlani
@PriceActionPmlani, I see the dollar hitting the 101-102 area, but it won't make a new high above the 103 area.

It doesn't seem ready to drop hard yet in my opinion, as it managed to bounce and close above the 100 level two days in a row.
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@Perseus, true, very true
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Thanks for your update..i also sold all position in JNUG at 12+ levels yesterday ,when it became clear that Gold was facing major resistance and cannot break through 1245 levels(possibly, due to profit taking actions by hedge funds)..but i still hold large core position in GDXJ which im not planning to sell in near future..we should see a quick rebound soon and everybody will have an opportinity to enter the long side of a bullish run again ..Good trading to everyone!!
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GeorgeJimas leonarddavidson60
@leonarddavidson60, Ya I'm looking to catch a bounce off this support, and ride it through 1250.

If not I will be adding to my short.
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@Perseus, yes..sounds like a good strategy...in my view big boys decided to push the DXY back again before FOMC next rate decision...and this reflects in behaviour of japanese currency which is correlated to gold at very algobot at banks tradinng desks..we may see some weakness before the decision date and choppy sessions.but in medium term,i hope,we ll see gold trading in 1250-1280 range before the end of this year!!
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