Good morning. Gold has broken out of the range but it is having a hard time going through 1950 so I´m closing my long position from yesterday and I will wait until tomorrow after the release of the US CPI. 

 Good morning. Gold price continues on a sideways action, Yesterday I bought @1909 and close @1940 and as expected it went down to USD 1921 as of 7:00 and EDT.

My plan is to get another shot of buying between 1900 and 1910 having the TP open but ready to close the position if 1941 is not broken by the end of the day.

 Quick update: Buy @1902 SL @1899 TP open (spot Prices)

 Good morning. The NFP numbers are going to be released today which leads me to keep my hands in my pocket at least for 1 hour so that the news are digested by market players. Market is thin and liquidity is an issue considering that the US is going into pre-labor day mode so market participants will be headed for the exit mid-morning.

I closed my buy long position @1940 with good profit from 1928 and will wait to see how the market reacts to the numbers so as to a make decision, although doing nothing is an option as well. A knee-jerk reaction is likely to happen and then we will see the price all over the place between 1920 and 1950 with the reminder that a daily close below 1925 won´t be good for Gold from the technical analysis point of view. 

If you decide to buy, buy the lows after the news with a tight SL order below 1918, I do not recommend selling because short coverings can be brutal once the dust has settled.

Keep and eye on the stock market as well as there seems to be a wave of liquidation most likely associated to profit taking.

 Following up on my latest post I´m closing my long position due to the short term market reversal, I would expect the price to go down to 1940 on Friday so that I will be just checking price action tomorrow. 

 Good morning, Gold price continues being very constructive, if you lost the opportunity to buy @1962 spot you may get another chance to buy @1970 during the week. SL continue under @1958 in accordance with your money management plan and financial muscle. I refer to spot price.

 Gold price has broken up above the 1962 level, which has been a good resistance during the week. Daily candle and weekly candle are positive, I would expect a close about 1982 on Monday. Support comes @1962 and resistance @1990. SL should be placed below 1958.

 A quick note to tell you that I´m buying Gold today @1963.5 spot.

 As I mentioned yesterday I will be in watching mode until I find out what the final reaction to Mr. Powell´s speech at the Jackson Hole Symposium is. I would assume there is going to be a whipsaw reaction during the speech an once the dust settles the market will show a clear direction. I left a buy order above USD 1960 (spot) since that would be the clearest path should the DXY happens to fall hard and the US10yr rate falls along with it..

I will post an update after the fact. By the way Mr. Powell will be speaking at 9:10 ET.

Have a great day.

 My plan for tomorrow is to keep my hands in my pocket, the Jackson Hole Symposium promises to bring a lot of volatility so that my next move will be planned for friday at the COMEX open @8:20 ET and that move depends on the daily close on thursday.

 Well, I manage to lower the SL to 1910 once it touch 1902, however I missed the strong rally, still made 10 pips on the day but I did not like missing the rally. Now I need to wait for Mr. Powell tomorrow but my guess is that we are going to close the week well above 1950, so let´s try tomorrow or friday. That is how this works !!!

 It promises to be another down day, I´m up for a sell short @1920 SL @1940 TP @1880. Tomorrow we will see what Chairman Powell has to say. Click on the link below to see the chart.

https://www.tradingview.com/x/cpsoDyOS/ 

 Well the day did not close as expected, I thing that 1900/1880 is going to be tested either today or tomorrow so that I will stay sidelined until then. I bought @1915 today and sold @1918 because the market did not show any upside momentum at all. USD 300 for the day are not bad though.

Good day everyone. The price of Gold is sitting comfortably above 1320 trying to build a base above the 20 MA. Today we have the US CPI data release which is tipically a market mover becuase it influences the FED´s view on interest rates. Due to a renewed market sentiment associated with interest rates EUR/USD and 10 YR Bond (on price) have corrected down dragging Gold with them and NK threats have become a new "normal" until when they actually do something. 3 scenarios can be considered today.

1. There is a dip on data release today, either to the 20 MA (1315) or Supertrend (1305) and then a bounce back up to resume the uptrend (very dependant on EUR/USD and Bonds reaction)

2. EUR/USD takes a dip below 1.1825 which will take Gold below 1300 (less likely but probable)

3. EUR/USD and gold rally prior to data release (very difficult to trade because it would be just a guess)

My strategy is try take advantage of scenario # 1 and close short positons in the dip (post news) and verify that there is a recovery back up mid morning (NY), the other 2 scenarios are very difficult to trade on  the one hand because a dip below 1300 (#2) on a market that is somehow oversold may have a relief rally to 1320 (I would not close long postions right away) and on the other hand (#3) releasing the short at 1320 before the news can put the long position on a difficult situation on a dip below 1315. Smart trading is a must, 0 profit is better than any loss. Good luck.

Even though the price of Gold is showing some signs of recovery, by the closing time today there is some divergence between Gold, Bonds and DXY so filling the gap may lead to a medium term reversal below 1300. I'm saying this just to be careful and not be so excited with the possibility of reaching 1400 this year, geopolitical tensions will play a key role on this market within the next 2 months and will determine whether or not we end the year above 1300. I will stay long now at least until the gap is filled and then will tighten up the SL order on my long position to prevent a new sell off  from  finding me off guard like last Sunday. The majority of voters on the weekly poll were apparently right on the 1327 vote.

Not much to say today, there is a clear bearish bias leading to 1309 (20 MA) with a high risk of a surprise rally to 1347. At this point in time is more of  being aware of the risk rather than the profit. As far as I´m concerned I will play closing the short on the lows (1306 - 1310) today with the possibility of closing all positions and start all over again if the price drops below 1300. Do not fall in love with your positions, if you happen to be on the wrong side of the trade for more than 10 pips just close the postion, get yourself together and think again.

I use an indicator called supertrend which is very trustable mostly on long term positions. That particular indicator had not been broken on the 8H chart since June 8 2017, but  it has been now (the chart shows the daily supertrend only). I don´t know what to make out of that break yet but as far as I can see only 1312 and 1304 stand on the way before a trend reversal. It still concerns me that a wild rally may take place any time up to 1350 to fill the gap, so that we should expect the unexpected and be prepared for it. I just wanted to share this with the group because there is more volatility to come, big time. 

Closing my short on a quick try looking for a rally in Asia but if it gets down to 1324 I will hedge again.

Thank you very much to those who voted on Friday´s Poll as it was intended to keep track of the benefits of having this blog. If we consider that the blog is less than 2 weeks old it is very important for me to make sure that it delivers a real benefit to the community otherwise it would not be worth it. Have a great weekend.

Gold is closing down @1246 so it would better to assess the situation on Sunday to decide whether to close longs or hedge positions accordingly. Remember that NK may be a no show and then a further correcion can take place. I would have expected Gold to close at least above 1350 but it did not occur so just watch  and move your SL to breakeven if possible at the opening on Sunday. The weekly chart is very constructive but the daily chart still may correct to down to 1333. (See chart on the right). I´m long @1348 SL @1335 but I will reassess the short term outlook on Sunday too. Have a nice weekend.