All commodities are moving toward to reach new high in the next few months. SUPPORT 1,080.00 SUPPORT 900.00 RESISTANCE 1,250 LONG TERM TARGET ABOVE $$$ 2,400.00 $$$
Special thanks to @Lanmar for spotting a counting error on my previous chart
GC triggered for us and now we manage the trade. First target is 1130. Today's FOMC will have some effect on Goldie so we will be watching.
GC is setting up for a visit of the November lows. Pull backs are sellable. If you are in from the bear flag trim and trail. We are looking for a test of the lows, then 1100.
GC looks fugly!!! It's chopping around and is not sure which way to go. GC may be waiting on Greece and the EU to iron out their differences. We will keep an eye on it but we don't see any reason to be involved now
As we mentioned if GC breaks down we would pass on the trade and we did. We will watch for bounces and see if the hold. This is on our watch list. Stay tuned. Watch more GC analysis here: youtu.be
Still watching for a breakout. If GC breaks down we will pass on the trade. Stay tuned.
OK...GC has given us a nice winner and true to our plan we will cover everything except one contract! (see past posts) This trade is a big winner for us and we would like to keep riding the move but with the ECB announcement tomorrow it's a flip of the coin. We could hedge with options but we choose to cover and leave one 'risk' contract to see if the...
We are watching this area closely as we wait for Mario Draghi to speak. If support breaks on a lower time frame we will exit the trade. If we are still in the trade and price breaks upward then we will watch for the 1300 level to breach. Either way, be prepared with stops and HAVE A PLAN!!! We talk about it a little more in depth on this video: youtu.be
UPDATE: We are moving our stops up a little further. This has been a great run on the breakout and we will want to make sure we lock in more. Don't chase up here. Goldie runs fast. If you missed the trade be patient for pullbacks.
First target is hit (Thanks Swiss National Bank). We will move stops up to just under our entry. The trade is at no risk and now we will sit on our hands and see how far she can go, As we mentioned this is a weekly setup so we expect a good size move. However, what we saw from the Swiss last night can be a game changer. USE STOPS AND DON'T BE A HERO. You...
We are long $GC from 1230. We will keep stops tight at 1220. Typically we will look for an extended first target but with Mario Drahgi speaking next week we want to get some off the table early. Watch the video below for how this setup. youtu.be
A quick update. GC is getting ripe and we expect some movement today (with NFP numbers) or early next week. This is a weekly chart signal so we will expect a nice move once it triggers. REMEMBER: NO TRIGGER, NO TRADE.
Still coiling. This is on our watch list. We will wait until it breaks and trade the first pause/pullback.
GC is now coiling and getting ready for it's next move. Even though the markets will have low volumes over the next two weeks GC could makes it move while nobody is watching. We will wait until it breaks and trade the first pause/pullback. Keep it on your watch list.
Which way from here? At this point until we take out and close above the 1256 area on a weekly chart we are still in a down trend. However, or now we will wait. There is no clear sign of the next move. Be patient with GC!
With the break of this wedge on gold (GC2!) we will look for short opportunities on a shorter time frame (60 Min). The path of least resistance is still to the downside and we will play it until it proves us wrong.