I do hopefully intend to close all my open trades in Gold by the end of the day today due to possible critical news over the weekend which could open the markets on Sunday night with a large gap (possibly) and I do not want to risk this happening.
Upon Asia sessions earlier today, a new high was made at 1376.36 and we have traded at a low of 1367.8 so far today. I am looking for 1365 to maintain as support for today and 1375 is key resistance level which needs to be broken in order for further upside movement. 1377 is a major resistance on my charts and then of course the big 1380.
The way the market has driven through large resistant levels in the past few weeks is another indication that these important levels may not be respected on the upside.
On the downside, if 1365 is taken, next support level I see is 1362 and then back down to 1352. A close below 1352 will indicate further downside movement in the near future.
Next week will be an interesting week. A decent retracement is still awaiting for Gold when it finds a top strong enough to be held.
Current PA is bullish and without some form of strong resistance at the key levels, 1400 could easily be on the books in the coming weeks especially with the current headlines in the news.
Hi EP, I like your views on gold, my views are a lot like yours, although I look at very short term levels because I trade smaller movements (10-50pips). Hope you won't mind me hanging around :-)
ReplyDeleteCheers
Lappies
Hi Lapples,
DeleteNot at all dude, your more than welcome to hang around here :)
The news is coming at Sunday. We all focus on it. However, I don't think a worst case will happen (area confict). Russia will and Putin will do despite the consequence. G7s are well known about it. So, I am be optimistic about that event. The next week's event is FOMC.
ReplyDeleteI think the GOLD is just in bubble status. It should be back at normal pace.
30/12 The Gold was 1180
14/2 the Gold was at 126x.
One month later, 14/3 137x.
Nearly 200$ just 2 1/2 months. So crazy I think.
Yes you are absolutely right. There will come a correction sooner rather than later IMO. What is driving this price more and more recently is fundies, and I believe we will see the 12xx before another major leg up after this has topped out.
DeleteDear, Congrats on establishing own place. Your views and calls are always practical and worthwhile. What you wrote about Gold is really appreciative and at end of day, as usual, I found reliable. Regards, Azfar
ReplyDeleteThank you for the kind words. Stay in touch!
DeleteEP