Re: Gold *PIC*

Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

Forum Policy

Return to Index Read Responses

TFC Commodity Trading Forum

Re: Gold *PIC*

In Response To: Re: Gold ()

GCM3 Moved up hitting my stop loss, then continue to move up and above the "switch".

Monthly and weekly GC is still in a down trend. The daily chart counter trend is currently testing $1487 S/R. In the 1hr chart below GCM3 zig-zaged Thursday to as low as $1438.50. then went up to test $1486/7 S/R cluster.
In my opinion, the next few days GC may move dawn to test 1438.50 again. Finding support in $1438.50 area I'll be a buyer, with $1487, $1524, and $1590 as possible objectives. Taking partials at first $10, trailing the rest to the objectives.

$1438.50 is now the "switch"

If GCM3 was to move below the switch, will cancel the outside objectives.

As always, the market has the last word and in due time will show me the way

“There are two ways to live: you can live as if nothing is a miracle; you can live as if everything is a miracle.” .- Albert Einstein