XAUUSD has increased volatility. My previous position ended with a loss. The increased volatility caused a symmetric overshoot around the daily extreme ATR range. So now I am waiting for a volatility decline and taking another long position.
@zzaza, Yes. I'm looking forward to moving north from this level. In the long run, gold rises. But it is very difficult to trade exactly from the bottom. If you look at this chart it can be seen that this is no longer about the coronavirus ...... or just about it.
zzaza
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@meszaros, do you think this will go lower towards 1560s one last time before going higher?
Captain_Walker
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My analysis with a different methodology concurs with yours. 👍👊
I recovered a bit once Powell started speaking do you believe we could gap up on Sunday and start a new wave up. It bounced of support at 1562
meszaros
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@Auwais, In the long run, I expect gold to rise. I will not enter corrections. Today I lost the morning trading too. But I was in a long position there too. Today, the sharp increase in gold volatility may have been caused by Bullard (FED) speech. Apparently they don't really want to cut interest. But it is also visible that the market is cutting interest rates. I think the market is always right .... or it will. I do not think that any central bank in the world can permanently face market sentiment.
I appreciate your time replying to comments and posting.
CoinCaller
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Madness on this today. I also suffered a loss on this. Definitely one to watch, I still think a buy is the plan too.
meszaros
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@DanIrvin, I agree with you. I lost it today. The Fed said a few hours ago that it was ready to cut interest rates on the dollar. This may increase the price of gold. The sudden volatility also came to James Bullard's speech.
CoinCaller
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@meszaros, Very interesting. Yes I thought so. Still... crazy volatility. I will look forward to seeing your updates as always :)