GOLD v/s USD.: changing co-relation

[aditya14]

Re: Gold -Short situation.

GAP down expected as dollar index is about to go into another mini run to 81+ next 4-12 hours

 

[aditya14]

Re: Gold -Short situation.

gone long again at 1103ish levels pure punt technical bounce expected frm oversold stochs

Update: Shaky situation as dollar index again shot up so will be reassessing at EOD but going long with stop at 1094 is low risk

 

[DanPickUp]

Re: Gold -Short situation.

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[findvikas]

Re: Gold -Short situation.

Gold is taking support back on the same line... but interestingly if you see how it touched the target line (which I drawn later and originally the target line was much higher) it is possible that the rally is over for gold.

I do not have any positions whatsoever but it seem its done and it would be best not to trade while does not break back inside the wedge or above the target line... or like Dan said... go long near the down trending line of the wedge and go short near the target line... which ever side it break you book losses else you are in gains..

 

[findvikas]

Re: Gold -Short situation.

The reason why I can convince myself that there is still upside left is because the volume was low the day it hit the target line... BUT... Gold is on unregulated market and volume is scattered all across the world of different exchanges and you can hardly get the real picture of the volume.

 

[DanPickUp]

Re: Gold -Short situation.

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[aditya14]

Re: Gold -Short situation.

Hy aditya14

Why don't you go long and short ? As you read my post, there is this range and when you can pick, as you show, always the bottom, so what is the problem with the top ?

You miss half of the profit. Resistance to support and back and again to support.

What about that way of trading ?

Money machine as you remember : First print the first side and then print the back side.

DanPickUp

Iam more of an equity daytrader/options trader and have only just ventured into commodities hence playing with 1 lot only as money is concern.

 

[aditya14]

Re: Gold -Short situation.

GONE LONG AGAIN AT 1097 boy iam craaazyyyyy


and out with a loss in 2 mins boy

 

[findvikas]

Re: Gold -Short situation.

Look at this trend line buddy... its very strong support

 

[findvikas]

Re: Gold -Short situation.

If you want to play in gold then better play on lower leverage and accumulate till 1085 as on a weekly chart it is looking very bright... a double top can come while I am not giving any guarantee

See how the target line is playing its important role since Oct 2008.. price loves that trend line and can make another attempt to touch that before falling sharply again.