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.