We have entered the market:
Position: Long Apr Gold on 13/03/2013
Entry: 1587.50
Stop Loss: 1575.50
Gold is at the transition point where the downtrend channel and uptrend channel meet at this 1595-1598 area. For the 2nd day gold got to the top of the channel but has been unable so far to breakout. It takes a close above 1602 to have gold following the purple channel up rather than the gold channel down. The fight has been vicious at this level in the last 48 hours. Support in NY is 1579-1585 area where the green 200 hour moving average and the purple trend line reside on a daily basis. The weekly support is that lower gold and blue line in the 1555-1563 area. In summary gold needs a close above 1602 and that gold resistance line to have it in the uptrend channel. As long as gold is contained at that line of resistance the trend is down. The next two week short term cycle is ready to begin and gold is in the process of making its decision as the next key turn after this week will be March 22nd to 29th. The channel decision should be made in the next few session.
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
