WITH CURRENT CONSOLIDATION AND UNCERTAINTY IN MANY CURRENCIES LIKE THE US DOLLAR AND GBP MY INITIAL THOUGHTS WERE TO LOOK AT THE COMMODITIES FOR OPPORTUNITIES.
I MANAGED TO CATCH A FEW OPPORTUNITIES TO GET LONG ON GOLD AND COPPER VERY SUCCESSFULLY, HOWEVER IS GOLD STARTING TO RUN OUT OF STEAM?
SEASONALITY REPORTS SUGGEST THAT GOLD USUALLY HITS A TOP AROUND THE END OF MARCH OR START OF APRIL. WITH THIS IN MIND YOU CAN SEE THAT GOLD ON THE DAILY CHART IS STRUGGLING TO GAIN MOMENTUM FROM ITS PREVIOUS HIGH AND FALLING INTO SOME CONSOLIDATION.
BUT WHERE DO WE GO FROM HERE?
FOR ME WE ALWAYS HAVE TO CONSIDER ALL POSSIBILITIES.
IDEA 1: WE COULD SEE A DECENT PUSH DOWN FROM GOLD OFF THE FAILURE OF UPWARD MOMENTUM BACK DOWN TO THE HORIZONTAL SUPPORT AND USING IT PUSH BACK UP INTO PREVIOUS HIGH.
IDEA 2: WE COULD SEE A BREAK OF SUPPORT CONVERTING TO RESISTANCE AND A LEG DOWN TO PREVIOUS SUPPORT.
I THINK IF WE GET A BREAK TO THE DOWNSIDE I WILL SELL EVERY RE-TEST UNTIL I HIT SUPPORT.
I MANAGED TO CATCH A FEW OPPORTUNITIES TO GET LONG ON GOLD AND COPPER VERY SUCCESSFULLY, HOWEVER IS GOLD STARTING TO RUN OUT OF STEAM?
SEASONALITY REPORTS SUGGEST THAT GOLD USUALLY HITS A TOP AROUND THE END OF MARCH OR START OF APRIL. WITH THIS IN MIND YOU CAN SEE THAT GOLD ON THE DAILY CHART IS STRUGGLING TO GAIN MOMENTUM FROM ITS PREVIOUS HIGH AND FALLING INTO SOME CONSOLIDATION.
BUT WHERE DO WE GO FROM HERE?
FOR ME WE ALWAYS HAVE TO CONSIDER ALL POSSIBILITIES.
IDEA 1: WE COULD SEE A DECENT PUSH DOWN FROM GOLD OFF THE FAILURE OF UPWARD MOMENTUM BACK DOWN TO THE HORIZONTAL SUPPORT AND USING IT PUSH BACK UP INTO PREVIOUS HIGH.
IDEA 2: WE COULD SEE A BREAK OF SUPPORT CONVERTING TO RESISTANCE AND A LEG DOWN TO PREVIOUS SUPPORT.
I THINK IF WE GET A BREAK TO THE DOWNSIDE I WILL SELL EVERY RE-TEST UNTIL I HIT SUPPORT.