I think your stop loss will hit soon.
That daily candle is no joke. Every trend needs a pullback to continue, but on the longer time frames, I’d be worried about selling. You could get into some serious drawdown.
Dezi said:
That daily candle is no joke. Every trend needs a pullback to continue, but on the longer time frames, I’d be worried about selling. You could get into some serious drawdown.
I’m currently basing my sell on fundamentals, not technicals.
@Finley
What fundamental reasons?
Personally, I see more opportunity for the trend to continue upwards. Trump is a risk, gold is a risk averse asset, the USD is generally weakening for many reasons, with the war with Russia being one of them. Inflation over the last four years has been high, and the gold price hasn’t maintained until recently a linear rise.
The recent correction triggered from the elections is most likely just that; I wouldn’t be surprised if this price continued up from here and never returned. But who knows? Paper hand positions getting liquidated for a bigger longer-term push.
Some gold is filtering into BTC I suspect, though, as there is some correlation.
@Nate
Perfect explanation. The big players will place this money in safe havens. I’m the OP did not just read something from a trader who doesn’t know what he’s talking about.
Dezi said:
@Nate
Perfect explanation. The big players will place this money in safe havens. I’m the OP did not just read something from a trader who doesn’t know what he’s talking about.
I was hoping OP would have some input on what fundamentals he was working with, but I guess not.
Ellis said:
@Nate
Brother, no.
Add some more; let’s talk.
You’re honestly correct; the DXY bounced off the 107ish resistance level. The dollar has been bullish though since the election. That trend looks like it’s broken today. So yes, money will be flowing back into gold along with some others, which is already happening. This guy was loose for taking a sell.
@Ellis
It will be interesting to see if money flows from BTC, ETH, DOGE, etc., back into gold or if they will continue to all trend up at the same time. CAD news tomorrow might spring gold into action though.
Yeah, that’s all good, but in my opinion, a combination of both is more powerful. Are you gonna go 1K down??
So I see CAD news tomorrow; I don’t see US dollar news? Is this based on something you’re reading on TradingView? You asked for an opinion; I’m giving it.
The US has just sanctioned that its missiles can be used outside of Ukraine; there will be some sort of response from Russia, and trading gold right now is pretty much a bet on that response.
(In the context of trading gold, no response from Russia is also a response.)
Added to my long, thanks 
.
The USDXXX pump is done, I reckon; gold is back to bullish imp.
You’re entering at the wrong times. It’s in a buy trend.
Stay away from sell; the orange lunatic is risky, so gold will return to its previous bullish trend.
I’m in a buy swing that I entered too early, really, but I’ve already made back nearly half without hitting my (ridiculously huge) SL.
Gold will carry on moving on up. The election was a temporary blip, and I’d suggest next year we could see gold back at 2700 and hopefully beyond for my profits!
@Cory
How much risk do you place onto a wide SL swing trade? Do you also add scale-in trades for faster recovery?