AU Ready???

Updated

Earlier today I posted my first chart. This is a follow up on the AU trade. I like to locate trends and probable entry points using longer periods, such as the Monthly. The upward trend on AU is clear using the monthly chart. I wouldn't go as far to say that it is confirmed because AU did gap this morning. If you are like me, you trade by the idea that all gaps fill, so I am reserved until I see a higher high and higher low. A retest of the 19MA will confirm the start of a channel to trade around.

Targeting 13.07

Note

here we are two months into the channel trade which saw a nice little run from 13.00 to 15.00 (15%) and was inline with the January-February Market rally across all asset classes. I anticipate the $13.00 level to show some support, as the general markets begin to show weakness in the near term.

Update to trade to post shortly

Note

looking for the $13 to confirm a base with sideways action until seeing the Nov 12 - Dec 3 trendline.

bigtom386

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.