Interesting stuff with Gold at the moment. Some like Alessio Rastani in his tradingview/youtube video have said that the big money is selling gold. Others say different things. Technical traders trade what they see. Trend followers care not what the big boys are doing. We'll ride the wave until price crashes into our stops. At the moment I'm long on Gold and in profit - nudging my stop loss up nicely and happy to give back 50% of equity to follow the big trend. It's a difficult position at the time of writing this to enter long on gold. There's always a dilemma about when in a trend does one enter. It's difficult because psychologically we might think, 'It's going to go south any time soon'. I've notice though, that what ever I think or feel doesn't matter. I've missed big trends thinking/or feeling 'It's gonna reverse soon'. The recent rebound of the US30 taught me a sound lesson, 'Follow the trend and forget about what you think or feel'.
DownUnder
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DO you see any chance of breaking (up) out of channel, or are we going down ?