Gold

I forgot to add that gold is actually in a down trend..If you look at the bigger picture.


dl.dropboxusercontent.com/u/4899609/gold12thsept1.png

Hi libero
It looks like gold has broken the trend line
This means its in a correction phase if it finishes the day below the trend line. Theres 2 ways it can go if a trend line is broken...sideways move or down.
I would look at the fibs now for any support. since we have a high and a low and this move was made in 5 waves so plot the fibs. so this correction could move down in 3 waves so now i would look at the 38.2 fib area for initial support((1337) but since the trend line was breached (if it finishes the day below) it could head towards the 61.8 fib area 1277. so if i was to go long in the future that would be the area to go long(1277)...
Im currently long on gold and my stop is below 1335
The trend line breach was at 1359 but i went long at 1348 due to the breakout point.Also the fact that the price was so close to the trend line meant there were risk attached to the trade near the trend line.
The day is still young so any thing can happen.
So ultimately i would look for a correction (if we finish below trend line) in 3 waves.Id be looking to go long at 1277 area and hope that would be the end of the correction with the 3 wave. If how ever that was breached then look to 1180.
hope that makes sence



dl.dropboxusercontent.com/u/4899609/gold12thsept.png

Hi Remo,

Sorry to bump this thread up, but where do you see Gold heading now?

www.4-traders.com/GOLD-4947/technical_analysis-full/&plein=1

It looks like it has breached 1347 (ok, by your chart it is 1348 ) convincingly.

Next support at 1320, then 1280ish?

Gold looks like its going to test the trend line today. worth a long on first attempt of trend line with 10 point stop.

dl.dropboxusercontent.com/u/4899609/gold10thsept.png

Gold is approaching strong support soon at 1348.
This level has 2 important supports together.
The trend line and the breakout point just so
happens to be in the same area ,give or take 1 points tomorrow.


dl.dropboxusercontent.com/u/4899609/gold5thsept.png

This level is what a trader with patience looks for
Ive got my order in at 1348 with a 15 point stop on a first attempt basis. I would have gone
for a bigger stop but have a large position ready to activate This is my gambling trade
as im hoping that the bounce would be strong due to 2 levels of support so am not expecting this level to breach by to much.
Ive taken the extra gamble due to my winnings from the previous trade on gold as can be seen from my previous posts on gold

Back on the radar....



Is there a Golden Cross coming? Watch this space


Meanwhile, for those who like to "Flip the chart upside down" (remember those days?), this is gold (upside down):