Gold

Took my last short off the table at 1220. Had been looking for 1210 but its been a good run and the daily candles have made a little twitchy.

Will be interesting to see how today finishes.

Thanks Monkeyz....

i think you could well be correct, and nice trade...

Just taking a quick look earlier this am.....i think while bears are in control atm.... i see the trendline break around 1240(ish) being significant imho....

while its below that the low numbers are a real target.....however, i would not discount a possibility of this being a bear trap break below this trend channel, so if we get a weekly close back above $1240, it may well have the bulls back in control.....

lets see how this completes the week. i'll try and post chart later...

atb, dyor, wdik

Trendfriend.

Thanks TF.

I would prefer to see price hit the 1200 zone and I still have a short targeting 1210. I suspect if we get a daily close beneath the March lows c.1206 we may well see lower prices somewhere between the 50 & 61.8% retracement levels.



dl.dropboxusercontent.com/u/24866576/201...8%20Gold%20daily.png

It's interesting to note that on my FxPro Ctrader platform (great FX charting btw) it has some info showing 65% of clients are long, see the green bar above the two yellow arrows. On the basis that most folks are wrong then this will need to get more neutral / bearish before the next move up. The green target line is not mine but one of TradingCentral.

Interesting piece of the jigsaw alongside the US indicies at the moment.

All the best
M

Here's a link in case you can't find it - I like the way he annotates the charts, with 1-2-3 reversals and other indicators illustrating his analysis:
www.tradingview.com/chart/XAUUSD/1KquFpR...of-2nd-and-3rd-wave/

He has some very bearish views on gold throughout the summer months.

Have a quick look at tradingview.com and a poster on there called "chartwatchers". He's made some very good calls on gold recently.

Good call on Gold Monkeyz....

do you think $1190 200 day ema line is likley now??

i think $1190/1200 strong support...

but wdik.....
Trendfriend.