Gold

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