Today is May 10th -- the ideal day for cycle turn where we had potential for a large range day. Both have happened. Here is the chart from last nights daily update. Note we have hit the next level exactly. See next chart zoom in.
We have a direct hit so far on the chart. This support area goes down to about 1420-1425. This one has a good chance of holding but what concerns me is all these interest rate cuts and gold sells off? We discussed last night what a G7 meeting can do to gold.
So the question is do i want to go long right here? If i do i have to hold it over the weekend. And silver has not yet reached its support lines.
So yes, we can reverse here and go higher but what if they want to bring gold to 1380? So yes, we can reverse all this and move higher, but is it worth the risk and do you want to be long over the weekend ? The last low of significance was at 1404. You can see it on the chart at the far left. The stop would have to be below that.
There is the possibility we can turn around here and rally back up in a reversal. But there is no guarantee of this. Those of you who are aggressive traders can try a long here at 1420 as it could very well hold. Its likely that the G7 news would most likely be bullish. But if all these interest rate cuts were done this week --- why have the called a SPECIAL meeting of the G7 ?
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GOLD CURRENT TRADE
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BGT 1 June mini gold at 1425 ---- Stop lose at 1404 on 5/10
Stop lose was move to 1425 on 5/10
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SILVER CURRENT TRADE
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BGT 1 July silver at 23.27 --- Stop lose at 22.85 on 5/10
Stop lose was move to 23.27 on 5/10
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
