Gold Wednesday 13th March 2014

Well gold broke through the 1361 resistance level yesterday and finished the day closing at 1366. Yesterday a high of 1370.75 was reached. PA is showing that the market has clearly not finished this bull run by far. Yesterday I was watching 1354 closely as a level to be held and closed above to continue a bull run. It closed $12 above this price therefore in my opinion bulls still have the market very clearly.

Today I have opened up a couple of longs, the 76.4 fib level has also been breached a little ago however looking to blow through this at some point today. Today is the first day of the week where there is some high impact news coming out of the US that can spike the market depending on the outcome.

Any form of down move from here is just an indication for me to buy. Until PA looks exhausted and future key levels are met, 1380, 1400, 1440, I will consider shorting the market. My bias had changed last week to the downside as I believed a top had been formed, however that has been completely blown away this week with the PA.

My next level of taking profit is 1384 where I see some short term resistance on the long move.