$1308 and change is an interesting level. Price has yet to test it. On the 4H it is the candle that stabbed at the $1300 and change level before price too off on 31 August. I remember it well as I traded a long on that day as a very short term into the US news.
Looking at that level again. Traded gold London session but it wasn't enough to scale off so a break even trade eventually. I missed the one this morning pre stock market open as it took another stab at the swing low on Friday. Unfortunately the pullback was a miss by 6 cents that also required a spread for the dip to get a fill! Would have been a great little risk reward trade.
However the London session made a swing low as price raided the Asian session low and I am looking the the scrap at the bottom of the barrel. Cable was als not a very rewarding reversal! Frankfurt raided the Friday top then it fell aggressively but this is the time when I sit back and not get sucked in until London. Nothing much there and took what I was given. EURGBP was the one I should be looking at but Cable offered the most return but sadly that was the theory anyway!
Technically gold daily has broken the range and is in a pullback. The gold stock traders in Oz were correct that the Thursday follow through was not at discount level. The sell off today seems to have dissipated so I wonder if the consensus view has gone bullish again?
