Currently Long 1 April Gold at 1592
The trade has to be rolled over to JUNE now as the JUNE CONTRACT volume is equal to April and with markets closed on Friday for Easter Holiday, it must be rolled over by Thursday close.
We got by the options expiration but the Rollover to June is affecting trade. Volume begins to get lighter stating on Wednesday afternoon.
Considerations
Wednesday is the ideal day for short term cycle turn (March 27th - plus or minus 72 hours) so by Monday the new cycle will be in play. We don't know whether new cycle will be an up or down cycle yet.
It's possible that we could move lower to 1585 area (or 1587 in June contract). 1602-1606 is minor resistance in June gold followed by 1612. On the trade we have --- traders can consider a break even stop ---- or even closing the trade at 1600 in June gold. I'm torn about stepping aside or waiting just a bit longer. Today's low higher than yesterday but today's high LOWER than yesterday so far. UNTIL WE BREAK ABOVE 1610-1612 the market can still move lower.
We've been trying to establish a swing trade for over a week and unfortunately, gold is still not trending and on one side, the sell off attempts have been reversed in March but the key resistance RED line on the hourly chart has held gold at bay. SILVER is not looking healthy on its chart and we complete 2 lunar years (EASTER) since silver has been in a bear market.
Last week we made three attempts at 1605 to go long and got out around 1610 on the trades because the market was not moving higher. The same thing is happening now and with this new trade at 1592.50 April (or 1594.50 June). Support today is the 1589.50 to 1592.50 APRIL & 1591.50 to 1593.50 JUNE. My stop is 1578 April or 1580 JUNE.
THE next support under 1591-1594 JUNE GOLD is 1583-1586 and if support taken out that would be the next area gold is going to visit.
If you haven't rolled over to JUNE --- you could consider selling your April here at 1595 and standing aside or putting in a buy at 1587 JUNE GOLD. Its best if your trading April still to make the decision today.
ONCE AGAIN WE'RE faced with the potential of moving lower here to 1585-1587 JUNE GOLD. My intent is to get into a swing trade but also to eliminate RISK.
With the markets closing for EASTER and the ROLLOVER OF THE CONTRACT TO JUNE --- I'm GOING TO ONCE AGAIN STEP ASIDE AND GET OUT OF APRIL GOLD AND SELL now at 1595 area.
Instead of rolling over the contract -- I'm going to sit tight for the moment. IF we trade down to 1585-1587 JUNE GOLD -- I might there with the same stop 1578 and risk 9 dollars per oz.
Price can go either way --- and so its a tuff decision. BUT i've got to get rid of APRIL ANYWAY and so i'll get out now at 1595 and watch what happens and if we trade down to 1585-1587
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GOLD CURRENT TRADE
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Our Position
Bought 1Apr Gold on 25/03/2013
Entry: 1592
Stop : 1578
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SILVER CURRENT TRADE
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Our Position
Bought 1May Silver on 25/03/2013
Entry: 28.60
Stop : 28.30
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
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
