XAUUSD: Potential breakout, daily/weekly buy signal

19 Eki 2016

We have a potential buy signal here, but there's risk with record high short positions by commercial hedgers. I'm risking 0.5% only here, if we break into new highs now, and flipping short if we break back below the stop.
Daily trend briefly turned down but the weekly is still up, and there's a lot of retail bulls, so tread with caution.

Good luck,

Ivan Labrie.

19 Eki 2016

Not

0.5R already, let's see how it goes.

19 Eki 2016

Not

Keep in mind the daily 'Time at mode' target is 1279.42, but there's a weekly range expansion down bar that creates resistance at 1278.385.
Since commercial hedgers have massive short positions according to the Commitment of traders report, we are in danger once we hit that level.
We should study price action diligently, since it's still not safe to call this rally a long term uptrend continuation yet.

19 Eki 2016

Not

Weekly:

s3.amazonaws.com/tradingview/snapshots/b/bK5tkzvD.png

Daily resistance (1289.14):

20 Eki 2016

İşlem elle kapatılmış

I booked my profit for now, it's acting quite slow here.

20 Eki 2016

Not

(good that we got out)