I think Gold is finally ready to rally @ 1277

I was too early at 1307, and have paid a price for not using a stop. We are now at 1277, and I cant tell you what a tiring and frustrating couple of days its been. I want to save it here in this post so I can remember later about the pain this trade caused me.

Anyways, lessons learnt hopefully, never be too sure of something. I've doubled down at the low near 1278, and I hope to exit at breakeven if it rallies soon. Then re-enter at a pullback for the ride higher.

Adding to losers is known to be a bad strategy. For this trade, I've placed stops on the full amount under the last recent low 1277.  At some point, you have to draw the line and say enough. My give up point is 1273.

Here's the chart, and what I expect next....The nature of the drop suggests this low holds for a move over 1400...

 

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Got the move I was looking for, and managed to exit at breakeven. Although the bounce was relatively modest, I will stay on the sidelines for now, and let the market show its cards..

A move below 1295 and there is a good chance we see one more low, a break of 1320 and the odds favour more upside..