Gold Tuesday 18th March 2014

So gold had quite a day yesterday. I was short in the 1390 level and took out for profit yesterday evening when PA bounced of a previous resistance level from the daily chart at at 1361 which was now used as support.

Today it has already passed through the support level at 1361 and I anticipate it to get into the next support zone between 1339-1350 at some point before Thursday as long as 1386 is intact.

On the smaller TF (15M) we have been making lower highs and lower lows since yesterday which is still also intact. The previous higher low was taken out yesterday from the breakout north (see 15M chart below). On the short term I am looking for 1367 to hold as immediate resistance for continuation south.

Overall I am still with a bullish bias so techincally I am shorting Gold until I see solid support to order to place my buy order which will take me to the 142x levels in the long run.

Today is shorting day for me, I am not looking to place any buy orders just yet as I see further movement south still.