Gold

I have sooo much to learn - charts yes, and, perhaps more importantly, to keep a lid on it and not get so carried away!! Just reading your rational comments and I find I'm breathing more calmly!!

Thanks!!

Wish I'd been paying more attention to this as I missed a great short opp last Wednesday after the FOMC news:



dl.dropboxusercontent.com/u/20815047/FTS...OLDdaily23_09_13.png

That rise peaked at exactly the backtest of the trendline break and the original breakout point of the last drop - both at the 1373/5 level - so two important resistance at the same level.

Having missed that, there's no choice now but to wait. Key levels for me would be to go long on a close above 1375 (wait for close above then go long on backtest) or short below 1292 (same strategy - close below then short the backtest). Stops are a must as it's pretty violent.

Folks,

Here are four (Monthly, Weekly, Daily, and Hourly) charts on gold, I always feel that with this type of commodity, it helps to see the longer term picture.

Monthly:


Weekly:


Daily:


Hourly:



Now remember folks, the usual disclaimer applies, i.e. DYOR!

Short Term trade (on hourly signals, this on due to DMVT indicator).

Looking good on the hourly...




Also, Gold is currently above its 5 & 10 MA, but way off its 20 MA (which is around 1328).

If it can close above this level, there's a very good probability of further upside, but as GATA's position states, there's no point doing T/A on gold nowadays because Central Banks intervene in this market as they do with Bonds.

Take due care when dealing with Gold or its proxies....

EDIT: A question on the chart.... does look like a Quality Assurance Rejected Cup 'n' handle formation?

p.s. FRES looks like it bounced off its main-trend line (or thereabouts!).

CC: iii POG.

This is at a key level just now c. 1330 (where I have the 4H downtrend resistance). Here's the daily (ignore the wave count - it's just a possibility which, if the trendline breaks, is unlikely to be right:



dl.dropboxusercontent.com/u/20815047/FTS...olddaily08_10_13.png

Long on backtest of trendline break or short at the trendline. Have stops in place.

Gold Daily chart - structure taking form... comments in the chart.

Gold bear market rally continues, but comes with volatility...





dl.dropboxusercontent.com/u/40497882/Gold_daily%20Oct13.JPG


Dyor...

WS