XAUUSD - Gold weakness continues, look for bearish entries

21 mai 2018

XAUUSD continues to show weakness. As badly as I would like to see a rally back above 1305, it is simply not showing any price action that would signal such a move. As traders once of the keys to being successful is leaving your personal opinions outside of the trading space and simply trading whatever price is doing. The market doesn't care about our opinion. This is true for any product we trade whether it be gold, bitcoin or the SP500. As an example you may personally believe bitcoin is great and will replace fiat in the near future but if price action is bearish you need to put your opinion aside and get short, likewise if you think bitcoin is terrible and a fraud but the price action is bullish then get long. Trading your ego is not profitable. So bringing it back to gold, what I will be doing is watching for price to pull back into the 1305-1308 area over the next few days and watch for any bearish price action to get short with the overall trend. If gold performs a miracle rebound then I will certainly be ready to reconsider my bias, but for now things are looking bearish.