Gold

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

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?

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

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

Cheers Remo!

Superb explaining as ever.

Physical holding aside, I've got a handful of synthetic positions open, two are still in profit (1271 and 1303) and one is underwater (at 1425 - only because 1423 was taken out with such ease. So I'm calling that one a long term 'investment' hehe ).

Last week, I actually put a note on my trading spreadsheet to dump the positions when it bounced last friday (it hit 1390?). Alas, I've shown what 90% of traders do, which is succumb to greed and hold!

Note to self: Sell into the next minor rally. The market ALWAYS gives oppertunities. Don't be greedy, a Profit is a Profit.

I hope this note stays in my head!

my long on the gold was stopped out
It looks like lower prices may follow now so be careful on new longs on the gold for the time being.
1277 is my next target for gold and my next long entry on this.
Theres not much support now until 1277 and 1272