Is Gold Still a Good Short?

Posted Thursday, October 26, 2017 by
Rowan Crosby • 1 min read

If you’ve been following my posts on Gold, you’ll know that I’ve been pretty bearish on the yellow metal. The thing about gold and all commodities for that matter is that they have potential to trend really strongly.

While stocks, are what you might call, mean-reverting – commodities trend. Just looking at the chart and we can see that we are making a series of lower lows. That’s good news for us as it means that we are still trending downwards at the moment.

 

Trading Plan

Even though the USD was weaker yesterday gold didn’t get much of an upside kick. A little bit, but still not really enough to reach my target ‘sell zone’. For the time being, I want to be selling at 1285, with stops above 1290.

As it stands the FX Leaders team have a sell signal out on gold as we speak so keep an eye on the forex signals page for the latest developments on how that one is progressing. Yesterday's signal was also a winner so it’s fair to say that the yellow metal has been good to us lately.

 

Gold

Gold -240 min Chart.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Gold broke below the support zone of $1.950 yesterday and now it is headed for the 100 SMA on the daily chart
3 days ago
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments