Gold

This should have been the first chart on the post - this is where most of the analysis is based on so revert back to this.

Tried to edit it but wouldn't allow me permission.

RG2 wrote: Hi, I am heavily loosing at the moment. I know I should have sold it at a early loss. My positions are from 1774. Please advise if there are any chances to go up from this current point 1700 and what could be the lowest point gold co go down. Many thanks. RG2

RG2,

I hate to post this, but this is my view - long term its bullish, or sideways - short term bearish.




For me the best scenario is it bounces from the 20sma around about the 1660ish region
Next best for you would be a bounce off the 100sma @ around 1615-1630
Then it is a retest of the diagonal channel former resistance now turned possible support (anywhere between 1520 and 1595ish)

Very possible imo is 1530 which is a major support - it may even coincide with the channel support and one of the sma's

On the shorter termed Daily chart:



I think you will get an area of respite around the 1675/80 area - could range or bounce here for a short period - if it ranges, this could coincide with the 20sma on the weekly and thats - but thats just one scenario.


Your the only who can handle your money - but this could get worse depending on how badly managed this trade was. Don't allow yourself to go broke - and don't rely on a wish. i.e don't just stay in this trade because you "hope" that it bounces.

Did you have a stop in place when you placed the trade?

Hi
Long term I fully expect gold to rise just because of QE and inflation effect.

goldstocksforex.com/2012/10/24/gold-and-commodities-fall/

You may find this interesting.
G

if peeps keep buying the USD there is no need to be in Gold.
While the Euro is being rubbish, the Yen is on for more QE, the CHF is being pegged by the SNB, seems the USD is the only safe place to go. F'in mental I know but that is the way it is this week.
Fingers crossed for you that Spain don't ask for a bailout and the US fall off a fiscal cliff

This may not comfort you but I took 2 long positions on gold today at 1702 & 1701 and may add 2 or 3 more as and if it goes down to 1690 with stops ranging down from 1675 to 1665.

dl.dropbox.com/u/43650856/Gold%20daily%20-%2024th%20Oct.htm

There is 50% fib and price support there so reasonable chance of a bounce there.

Hi, I am heavily loosing at the moment. I know I should have sold it at a early loss. My positions are from 1774. Please advise if there are any chances to go up from this current point 1700 and what could be the lowest point gold co go down. Many thanks. RG2