05/26/2017 – Gold
June gold:
In Wednesday’s (May 24) Williams edge live meeting a 3 step was move was indicated in June gold.
1. Any hourly or daily close above $1249/$50 on Wednesday, May 24 could be bought for advance to $1258.
2. Then, $1258/$60 should be shorted for a decline back down to $1251/$49.
3. And finally $1251/$49 was buying territory for an advance back to $1257/$58.
Subsequently, in Wednesdays May 24 session June gold closed hourly above $1249/$50 (at $1253) indicating new long entry. That same day the market completed the $1258 upside profit target (swing high, $1259.40). Short entry at $1258/$64 was the next step for the decline back to $1251/$49. However, June gold only made it down to $1252.60 before reversing higher and stopping our remaining short position out above $1264, resulting in a breakeven or small loss on the entire position. Today’s (Friday, May 26) breakout to new highs is an important (while unexpected) development and may prompt new entry. Will update.
David Williams
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.