GOLD $XAUUSD August 4th - Intermediate Thoughts and Trade Ideas
Seeing some flashy moves in this shiny element's market, there are signs to me that this action is related to carry trade activity amidst this potential reversal in equity volatility. I believe mkt perps are risk on to safe havens, with the Yen staying bid and Pound rally. personally I see this move in gold as a fade the breakout - for now. there is a lot of froth in the cup of money. over the quarter I think GOLD has a stage set to rally nicely and on the 2 year time horizon I do believe the prices will be relatively higher with surges of volatility seasonally.
Note
I have reason to believe the push is on to squeeze this up to 1804 resistanceNote
current trade working swimmingly, edged my SL, Structure pinning on a double top, markets open, hoping to find my profitNote
all stops taken out at 1788, little flurry, took some off...Note
closing this trade at 1786Note
trade successfulNote
I moved stops to 1796
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