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TFC Commodity Trading Forum

Re: Gold/Scary Chart/Gian
In Response To: Re: Gold/Scary Chart ()

Hi Gian,
Main comment is to say "Merry Christmas" !!!

I have to take another look at what Trades/Hal posted today on Gold.

On your bear flag comment.
What do you consider the start of the pullback ???

Since 12/14 market has closed below the 200 ema (daily chart) and has remained below except for the "failed attempt/poke above" on 12/21.
On the daily chart, I look at the 12/21 bar as follows:
Buyers came into market, drove price above 200ema for a bit but could not find sellers and finally closed well below and has remained below the 200ema since.

My take at the moment is that this market is "unstable at current level" and could go either way, my personal bias is "down".

I doubt I would place any bets here but would look for "sideways trading" between 1622 and 1577 until a "better defined" flag develops, which it may ???

I feel the market has to clearly step out of this range to establish any clear direction, which I'm sure is coming !!!!

Thoughts ???
Thanks, Lee