There is a an intermediate term top in gold coming as we
are overbought, but trying to catch the exact top is a game of
luck, and one which I have been unlucky in twice. Gold has gone
parabolic and could go higher still, I am not trading this week but
if I were I would be looking to get short again using the 5min and
15min charts for entry right around here.
I see the 15min could be potentially plotting a H&S neckline
1206 and would be scaling in adding to the short on the break of
the 100ma and the price pivot 1212.
Reasons for the short are...The daily chart att: shows we have
reached the 161.8 Fib Extension and are at or above resistance
lines, along with overbought conditions on indicators. Aalthough
have yet to tag the upper trendline on the Linear chart (not shown)
The distance from the mean averages are a concern too. That said
such action is risky and sound money mangement and risk controls
are imperative for such trades along with strict discipline. Only
suitable for aggressive traders. Unless hedging existing longs.
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actually it did not. US
Gold futures pulled back
Posted by matt on 3rd of Dec 2009 at 01:53 am
actually it did not. US Dollar futures are dropping, but gold pulled back too, here's a US Dollar 60 min chart
Top in Gold?
Posted by kelt on 3rd of Dec 2009 at 04:19 am
Kelt -
Posted by saturn6 on 3rd of Dec 2009 at 05:30 am
There is a an intermediate term top in gold coming as we are overbought, but trying to catch the exact top is a game of luck, and one which I have been unlucky in twice. Gold has gone parabolic and could go higher still, I am not trading this week but if I were I would be looking to get short again using the 5min and 15min charts for entry right around here.
I see the 15min could be potentially plotting a H&S neckline 1206 and would be scaling in adding to the short on the break of the 100ma and the price pivot 1212.
Reasons for the short are...The daily chart att: shows we have reached the 161.8 Fib Extension and are at or above resistance lines, along with overbought conditions on indicators. Aalthough have yet to tag the upper trendline on the Linear chart (not shown) The distance from the mean averages are a concern too. That said such action is risky and sound money mangement and risk controls are imperative for such trades along with strict discipline. Only suitable for aggressive traders. Unless hedging existing longs.