Gold

Short Term trade (on hourly signals, this on due to DMVT indicator).

Looking good on the hourly...




Also, Gold is currently above its 5 & 10 MA, but way off its 20 MA (which is around 1328).

If it can close above this level, there's a very good probability of further upside, but as GATA's position states, there's no point doing T/A on gold nowadays because Central Banks intervene in this market as they do with Bonds.

Take due care when dealing with Gold or its proxies....

EDIT: A question on the chart.... does look like a Quality Assurance Rejected Cup 'n' handle formation?

p.s. FRES looks like it bounced off its main-trend line (or thereabouts!).

CC: iii POG.

Folks,

Here are four (Monthly, Weekly, Daily, and Hourly) charts on gold, I always feel that with this type of commodity, it helps to see the longer term picture.

Monthly:


Weekly:


Daily:


Hourly:



Now remember folks, the usual disclaimer applies, i.e. DYOR!

Wish I'd been paying more attention to this as I missed a great short opp last Wednesday after the FOMC news:



dl.dropboxusercontent.com/u/20815047/FTS...OLDdaily23_09_13.png

That rise peaked at exactly the backtest of the trendline break and the original breakout point of the last drop - both at the 1373/5 level - so two important resistance at the same level.

Having missed that, there's no choice now but to wait. Key levels for me would be to go long on a close above 1375 (wait for close above then go long on backtest) or short below 1292 (same strategy - close below then short the backtest). Stops are a must as it's pretty violent.

I have sooo much to learn - charts yes, and, perhaps more importantly, to keep a lid on it and not get so carried away!! Just reading your rational comments and I find I'm breathing more calmly!!

Thanks!!

I could be wrong & POG could gap up massively tomorrow BUT from my own experience in the past it will defo give you an opportunity to get in with less risk than what you would have with an order to open!

PS - if part of your salary is in USD I assume a part will be either in GBP or EUR so it should naturally hedge itself!

If not, paying attention to Feds comments today ( which could lead to extended W5), I would add to my position on Gold (inflation hedge) rather than concentrating on POG/ randgold or other gold miners

Hi R/C,

Thank you man.

Sanity Prevails here I think. Rather than go with impulse (I think I've missed the POG trade), I'll be content with what I got).

You're right on the money (excuse the pun), regarding Remo's chart, as well as the 1-2-3 set-up.

Have a good evening and thanks again!