Goldie is lurkingWith everyone and their kid brother devaluing their currency we have seen strength in Gold. Gold has formed a nice wedge that when broken should run nicely. We like the upside potential and pullbacks to the green zone (26-22 area) will be our trigger area. Sine this setup falls in the middle of the wedge it's important to wait for the trigger. NO TRIGGER, NO TRADE!
Goldstocks
Gold recovery still confusingGold (23.03.2015) moved higher as mention in our last article just around swiss gold referendum & posted a higher above $1300 mark. However it felt sharply & reached to the previous bottom around $1138.
Now gold showing recovery from previous bottom level & also broken from a shot term descending channel as shown in picture. However this breakout is not supported well in terms of volume & that force us to stay concern about this upside rally. The strength of this rally will be tested on $1205 once.
On fundamental side a clear signal from FED to not raise the interest rate very soon & over bought conditions in dollar could support further.
Based on above studies, gold probably will more higher towards $1205 in coming trading session & will test the strength on this mark.
Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us
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MCX levels -> S2(25900) S1(26010) cmp(26150) R1(26330) R2(26510)
Goldie is like a snake...coiling. GC is working on a Weekly wedge which means one thing...a nice move will happen. After trying to break out to the upside it was rejected...then price consolidated before breaking lower. Now price is now testing support. We will watch this test and see if there is trigger for a short. If we get short we will look for the 1100 are for a target. This is on the watch list.
Goldie is strong.We are still hanging on to our 1 contract in GC. Mario Draghi plans on loads of QE. What does that mean for GC? For now we see more upside. We pulled our stop and will keep a two day trailing stop until we are taken out or we see the 1320 level.
Here our comments on this Weekly Video update: youtu.be
Thank you Goldie!OK...GC has given us a nice winner and true to our plan we will cover everything except one contract! (see past posts) This trade is a big winner for us and we would like to keep riding the move but with the ECB announcement tomorrow it's a flip of the coin. We could hedge with options but we choose to cover and leave one 'risk' contract to see if the announcement pops GC much higher. Let us be clear...the only reason we do this is because we have a nice winner and the loss of a 1 contract stop on the last leg will not threaten our profits. We will place the stop under Tuesdays lows. BRING ON MARIO!
Golide is giving the love (with some help from her friends)First target is hit (Thanks Swiss National Bank). We will move stops up to just under our entry. The trade is at no risk and now we will sit on our hands and see how far she can go, As we mentioned this is a weekly setup so we expect a good size move. However, what we saw from the Swiss last night can be a game changer. USE STOPS AND DON'T BE A HERO. You job is to stay in the game.
We want more...downside! After a few days of back and fill trading GC broke to the upside and squeezed the weak shorts. The pop was with good volume. We are still watching for more opportunity to the downside but we could chop around for a few weeks before seeing another leg down. Remember...the Dollar has broken out of a multi year consolidation and is expected to move significantly...this will put pressure on GC (gold).
To see more watch: youtu.be