We have been stopped out of the position we opened on 25 Feb 2013 (long Apr Gold @ 1588) for a $3 profit.
As we feared, gold is looking very weak this morning and appears to be forming an ABC correction to the rally from 1554.
We suspect that the market will drop back to 1580, being the 61.8% retracement of the rally, though we may see a deeper decline back down to test the lows at 1554.
We have changed our position on the trade opened on 25 Feb 2013
(long Apr Gold @ 1588)
Change - move stop up to 1591 (basis Apr contract).
Gold had sold off more than we expected - this change locks in a small profit in the event that support levels at 1595 and 1592 give way.
===================================================
GOLD CURRENT TRADE
===================================================
Long 1 April Mini Gold at 1588 on 25/02/2013GOLD CURRENT TRADE
===================================================
Stop lose at 1591
===================================================
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
