Gold

Careful with new longs on gold.
To risky to go long on gold.

I'd go with that Remo...

but! I'm not bearish just yet!




Oh,regarding the Fibonacci retrace, is simply a matter of historical reference, watching the retrace rebound to the 61.8% is a thing of beauty.

Anyway, I believe that if Gold prices stay within the wedge, I'm of the view that something could happen (yes, I know, something will happen either way, wedge or not!)

im already short on the gold from the breakout this morning.
Mentioned this on the chat.
This looks like it may be heading a lot lower so longs should be avoided for the time being.


dl.dropboxusercontent.com/u/4899609/gold20thnov.png

What do you reckon Remo, re-testing the 1180 intra-day low of the year?

or beyond?

Libero wrote: What do you reckon Remo, re-testing the 1180 intra-day low of the year?

or beyond?

Hi libero
yep....Possible double bottom there so will be going long on first attempt of 1180.

Hi Remo,

You clearly have fans at Credit Suisse!



Gold stays bearish and we look for a break below 1251 to retarget the year’s low at 1180. Beneath here is needed to retest our long held bear target at 1157/54.

Above 1415/34 is needed to set a base.

p.s. Disclosure, I'm a holder of physical and cfds so am "biased" but will try to trade the moves too as a hedge. So risky though!