Gold

Im gonna go long on first attempt of the Main trend line at 1658 with a 12 point stop just incase.
The 200sma is at 1660 as well so 2 levels of support near together.
This is a first attempt basis trade. Yesterday it bounced of the 2oosma so there is risk attached to this trade.
Stops should be below the round number of 1650 as well.
Gold can get really volatile so bear that in mind when attempting to trade this. The last time gold dropped it moved about 20 points pass my stop loss.




DYOR

Remo, is that the trendline up from the Oct 2008 low? I'd missed that if so....thanks!

Hi jackozy
yep the main up trend line.


dl.dropbox.com/u/4899609/golddec19th.png

This has now broken below the main trend line signalling an end to the bull run.
Theres 2 options now,down or sideways. So going long will be a risky trade from now on unless gold can go above the 1730 ish area.
This trend line has been in play since oct 2008 so gold has had a nice run.
Im short now on this and my stops are above todays high. Obviously theres risk involved in this trade as there still is a chance that it can finish above the trend line. End of day price counts.


dl.dropbox.com/u/4899609/gold20thdec.png


dyor

Dropping into the buy zone now,

dl.dropbox.com/u/43650856/Gold%20Daily%2...020th%20December.htm

I've gone for a risky long at the shorter term trendline at 1636:



dl.dropbox.com/u/20815047/Golddaily20_12_12.gif

It's clearly a counter-trend play so I'll look to bank ASAP.