Gold is a different animal
|GOLD
Weekly and daily pivot are at around the same levels 1199/1200 respectively….Now Gold hasn't done anything really since the bear run from beginning of year until recently...Now it is looking like forming a base...Don't get carried away on a weaker $ Gold will go up...that's not the case...both have fallen in Sync this year….However….Gold is a different animal….it goes it own way...irrespective of what others think…
Now.. as I said...I haven't been that excited about Gold for a while......However...it is looking like making a basing pattern.. Now we could wait for the breakout which is 1217….we've been here before...loads and loads of times….over the years….and now that I am falling slightly back in love with it...for me a break above here would confirm….adding above 1224 as we have done countless times…
But on pullbacks it been holding 1187….another fav level...and although trading sideways...stochastics have fallen quite a bit..so I think this week….If gold hangs onto 1195….we will have a go at the topside...Now even if we get to 1214/17 that’s still a good move...so we would cover here...go back in above 1217 and again add above 1224….we would then have 1235...and my little fav...1252 as a targeted area…
Gold isn't really an instrument that you should trade intra day...you can, but its just not worth the risk...It is better to see an opportunity to position take and run with it...because this is how Gold reacts….its hangs about then makes its move...The pattern I have seen in August believes me to think Gold is ready for a break to the topside...Min 1214/17...but it really wouldn't surprise me if Gold was at 1253 in a couple of weeks...Initially covering to 1214/17. or at least some.....but going back in on a break above for 1235 then 1252/53….
Gold Current Trading Positions
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