XAUUSD: Potential breakout, daily/weekly buy signal

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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.

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ملاحظة

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

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ملاحظة

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.

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ملاحظة

Weekly:

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

Daily resistance (1289.14):

٢٠ أكتوبر ٢٠١٦

تم إغلاق الصفقة يدويًا

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

٢٠ أكتوبر ٢٠١٦

ملاحظة

(good that we got out)