Gold ($)

Hi,

Very quietly, something interesting is happening:

Daily:

4 Hour:

cheers

hi desifxtrader,

could you add a bit of explanation to people like me who are illiterate at figuring out the charts deeply.
it would be huge help

thanks a ton

Hi futur,

I'm sorry for being not jotting down my thoughts.

This is the chart of Gold in US$ and not our domestic MCX chart.

Anyways, what I meant is, Gold has quietly made a U turn and pulled back.

For Gold, for the moment being, just remember that US$ 1160 is crucial support (S) level.

Few days ago, when Gold toppled from 1248 level, I was expecting it to hit this S level. But, it didn't touch and rebounded from 1166.

First situation to initiate long position was @ 1177 at the trendline (TL 1) break. Second opportunity to initiate long position was @ 1194 when it broke second trendline (TL 2).

At this moment, the price is testing Resistance level 3 (= R3) 1213. See how it reacts to this level.

If I had not initiated long positions at the above mentioned levels, stand back and do not rush to open a fresh position today.

futur, you can find more information about my trading methodology in the link below and make sure, you read thru all the posts and subsequent links provided in there:

Code:

http://www.traderji.com/metals/39163-pls-guide-me-day-trading-silver-mini-4.html#post425082

cheers

Are Bulls exhausted in this precious metal??

Lets find out with time

Are Bulls exhausted in this precious metal??

Lets find out with time

Contrary to popular belief, the world's financial problems have not been solved. And there is a minority of the population that is well aware of that fact. They know the economic dangers we face, and are seeking shelter and safety by turning to precious metals.

For the past 3 years demand for precious metals has grown significantly...

In 2007, the U.S. Mint sold 409,500 ounces of Gold Eagles, and 9,887,000 ounces of Silver Eagles.

In 2008, the U.S. Mint sold 1,172,000 ounces of Gold Eagles, and 19,583,500 ounces of Silver Eagles.

And in 2009, the U.S. Mint sold 1,805,500 ounces of Gold Eagles, and 28,766,500 ounces of Silver Eagles.

Sales so far in 2010 are running significantly higher than the same period in 2009.

You can view the numbers for yourself at the Mint's website, click here...


Demand explosion could not be any more glaring. Smart money is moving to the safety of precious metals.

So should you.

Precious metals are just beginning to be seen as a safe haven asset, despite the fact that they have proven themselves to be exactly that going back at least the last 5,000 years of world history.

This is not unfounded demand. It's real, it's not a fluke, and it is steadily increasing every year.​

The masses haven't yet flocked to gold and silver, but when they do (and they will), you'll see prices explode to the upside. There just isn't enough physical gold and silver to satisfy demand.

Right now paper proxies for precious metals are viewed as an equal substitute for the real thing.

Paper substitute for physical bullion is the same as a photographic substitute of an automobile: the real thing will get you somewhere, while the photo substitute won't.

Fiat is failing. Smart money is heading for safety. Crises are building.
You'd be wise to protect yourself.