GOLD - IS IT SELLING OFF THIS WEEK?

Hey Traders, gold is trading around $1935 at the minute. After testing highs of $2080, gold pulled back and found demand around the $1810-$1835 level. October 6th we saw gold gap upwards $10, where there was an eventual break of structure(BOS) resuming the uptrend and climbing to $2009(27/10). Two attempts to go higher failed and price has retreated 38% to its current price. There may be opportunities for SELLS this week down to the gap level of $1835. The 78% Fib. level is at $1852. Unless we see a change of structure to the upside, bears may be in control. There may be short-term buying opportunities on the way down(pullbacks) but trade cautiously. Demand levels around $1810 and $1835.
DIONNG

Comment:

Hey Traders, gold found support around $1928 and eventually bounced higher at 15:00. The set up was perfect for BUYS. Short term targets around $1965-$1970. For the down trend to be invalidated we need price to start making higher highs i.e. greater than $1971. Watch price action in this area. Remember, do not fall in love with your "trade idea". Be prepared to trade either way.
DIONNG

Comment:

Hey Traders, gold bounced off $1928 yesterday currently trading at $1946. I'm expecting at least another bullish day to get us to the $1965-$1971 level. The downtrend is still intact below these levels so be cautious if buying at those prices. Buying opportunities may arise if price can get lower to yesterday's demand level around the $1932-$1934 mark. Watch the $1965-$1971 levels. Gold will sell off in this area(continuation of down trend) or rally higher.
DIONNG

Comment:

Hey Traders, looking for a "discount" for BUYS here. Resistance at $1971 not broken yet so be wary of "fake outs" and a continuation to the downside. All indications so far of testing the $2000 level.
DIONNG

Comment:

Hey Traders, price action early in the week indicated that Gold was not retreating(yet) and first target was the resistance area of around $1970. I noted that if that level held gold is heading to $2000. We are nearly there. Gold tapped this level three times recently and failed to go higher. Watch the price action at this level for sells(it's at a supply area) or buys(break outs).
DIONNG