When the next candle appears on the daily chart.

Remo,

When you talk about a close above 1739 i get, but what time does gold close?

Its just ig seems to have spot gold open forever?

Many thanks

Dont forget the 123 low

If this can finish above 1739 then that will give the 123 low signal .This then should head towards the trend line at 1780ish.
so basically looking to add to my existing longs.
The 123 low is for the short term only as it needs higher highs to continue hence why the 123 low could be a factor. For proper 123 lows would be used after a long down turn. Im using this for the short term trade as gold is still in the bull market and in a clear up trend .So basically looking for the resumption of the original trend.
Hope that makes sense

dyor

watch 1737/39 area on gold and esp a break of that neckline..

Gold is looking ripe for a break.

DYOR

dl.dropbox.com/u/40497882/GOLD_2in1_InvH_S_CNH.jpg

rgds WS

I think you may get your wish for that entry of 1697/95 Jackozy...

In the event that it does rise from here I could always just go long on a break of 1739 instead...

Yep, closed my short at 1705 too but I think I'll wait and see if it tests the shorter term uptrend at 1684 or the 61.8% Fib of the last rise at 1697 before going long:



dl.dropbox.com/u/20815047/Golddaily15_11_12.gif

also worth noting that the handle could for into inv h&S ...just something to keep an eye on

yep added to my existing long golds......c'mon lets ramp up...

closed my short and went long and now have a free bet as such....lol

WaveSurfer wrote:

cup and handle formation

That will be nice.
thanks for that did not see that.

Im a dip buyer on Gold

here's a bigger pic view

dl.dropbox.com/u/40497882/Gold_HNS.jpg

Thanks guys. I've been having a look at a posible wave count for the move up from the May 16 low at 1527 and I can see where you're coming from. Is this how you see it?



dl.dropbox.com/u/20815047/Goldwavecount14_11_12.gif

That would have the top of wave (3) way past the 161.8% extension but that's not necessarily a problem and may account for the relative severity of wave (4). It might also lead towards a truncated 5th...

There does appear to be some decent support in the 1700 to 1705 area so it makes sense to target that I guess.

Good luck fellas!

im short on this from 1735 but am still looking to go long at the fibs. im looking at the 50% fib area at 1705 to go long.
The reason being it broke out of the short term down trend and then moved higher with a higher high so now looking for a retrace so that it sets up for a 123 low breakout. So trying to get in early by using a fib level.
Stops will be below the recent low.

dyor

I am short gold, looking short term for 1700. KI.

Is anyone looking to short gold at this level (currently 1727)? Looks like a possible test of the RSI downtrend formed from the bearish divergence, 50% retrace level and lower highs/lower lows in successive daily candles:



dl.dropbox.com/u/20815047/Golddaily14_11_12.gif

I don't trade this much and I've only just managed to get charts for this with updata (I'm too lazy to be bothered with IG charts) so need to get to grips with how it trades.

All views welcome

Assuming that todays high does not get broken, the 50% retrace at 1700 looks a good entry point. KI.

Im gonna go long on this soon.
The reason being its broken its short term down trend line and also the recent high creating a higher high. So now if this retreats lower then i will be entering at a fib level.Obviously you cant do the fibs until you know there is a correction.
If this does go lower then you may have your chance to enter on a 123 low as well.
So worth watching for the time being.

Im looking to short gold on first attempt at 1735 with a 10 point stop
Theres 3 levels of resistance here. The target is going to be a move towards the 200sma or the main trend line. So good risk reward there.
1. 38.2 fib
2. general resistance(support became resistance)
3. over head 50sma

I hope this makes sense with why the fibs get plotted regularly.


DYOR
remo