There's still no clear direction for XEL but a decisive break will have to come soon. The daily RSI is getting towards the apex of it's triangle, and price is also in a breakout zone in its own triangles.Key price levels are at the 92.5p gap and intermediate uptrend support, the recent 96.4p low, the short term uptrend support at 98.5p, the recent high at 106p and the key 113p level circled.The RSI should give us a clue which direction the price will go in so I'll still be watching where that closes. I'd like to see that short term uptrend hold but the 92.5p gap offers a great entry possibility with a nice tight stop below 88.75p. If that fails then there's the main trendline at 83.75p. Original link...

I'm looking to short gold at $1320 as there are 2 levels of resistance there and a 3rd at $1337.9 so my stop will be above that one.There's the initial price low from the big drop and the short term downtrend resistance, plus the 61.8% Fib of the last drop at at around the $133o mark so that makes 4 resistances in a pretty short price range. The target will be the strong support around the $1170 level previously discussed. Original link...

OK, so $1265 wasn't the bottom for gold and I missed the bounce, however, there was a good opportunity to go short again on this based on a simple backtest of the previous support (breakdown) level at $1268.9 (I did post on the POG comments that I intended to short this here).The next major support is at $1157 and is shown on the weekly chart to the left. Here we see that $1157 is actually a double support and it's therefore really  quite important that it holds or it could go a fair bit lower quite quickly - it's the weekly low from July 2010 (which formed a weekly hammer which resulted in a breakout to the all time high) and also the 61.8% Fib of the entire move up from $682 lows in Oct 2008.Ultimately, this could go lower than even this level but we'll concentrate on this for...

Today's gap down came after a higher high but seems to confirm a negative RSI divergence against the earlier high which is bearish.It also failed to reach the 423p target from the W formation so it now seems to me that this rally was simply a corrective pattern despite the bullish RSI divergence at the recent low. It's not clear from the chart as shown, but yesterday's price high came as the RSI touched it's downtrend resistance which shouldn't really have happened until price was close to its downtrend and this adds to the bearish nature of the chart now.I'll be steering clear of this until a clearer opportunity  Original link...

OPHR is clinging on precariously to its channel support and is yet to close below it. Having said that, the possible higher low failed and there's yet to be another so the downtrend prevails for now.There are, however, multiple bullish divergences (not only in the RSI shown) which suggests that the current move to lower prices is weak. Yesterday's inside bar broke to the downside intraday today but closed above the key level which also suggests there's little appetite for lower prices here.I'll still wait for a higher low to form given the length of the downtrend and then I'll look to trade either that or the following  Original link...