MY SHORT SETUP ALREADY PLACE ONE WEEK AGO.
NOW I TRAIL STOP FROM 1300 TO 1281
What’s inside:
Gold -0.02% continues to find rejection on attempts to hold above 2011 trend-line, below support now
Silver -0.41% double reversal days in line with gold -0.02%
Looking for silver -0.41% to drops towards confluence zone of trend-lines in the vicinity of 16.25/20
What’s driving precious metals?
Lately, we’ve been looking to gold -0.02% for cues as to how to handle silver -0.41% given the significant play surrounding the all-important 2011 trend-line. Gold -0.02% crossed above on a daily basis last week, but the nasty weekly reversal bar put the brakes on a major breakout. On the day of the FOMC this week gold -0.02% was rallying strongly again from support around 1260 until after the announcement, where it then reversed swiftly and put in a strong key reversal bar off a backside retest of the May trend-line. Momentum carried through into yesterday’s session and pushed gold -0.02% below the 1260 level. This has our attention shifted lower with the 1260s acting as resistance. A close above yesterday’s high at 1267 would put a wrinkle in the near-term bearish outlook. Trend-line support from December is next up as the downside objective, the 200-day, and then March/May t-line. But as long as gold -0.02% stays below prior support turned resistance, the bias will remain neutral at best.
NOW I TRAIL STOP FROM 1300 TO 1281
What’s inside:
Gold -0.02% continues to find rejection on attempts to hold above 2011 trend-line, below support now
Silver -0.41% double reversal days in line with gold -0.02%
Looking for silver -0.41% to drops towards confluence zone of trend-lines in the vicinity of 16.25/20
What’s driving precious metals?
Lately, we’ve been looking to gold -0.02% for cues as to how to handle silver -0.41% given the significant play surrounding the all-important 2011 trend-line. Gold -0.02% crossed above on a daily basis last week, but the nasty weekly reversal bar put the brakes on a major breakout. On the day of the FOMC this week gold -0.02% was rallying strongly again from support around 1260 until after the announcement, where it then reversed swiftly and put in a strong key reversal bar off a backside retest of the May trend-line. Momentum carried through into yesterday’s session and pushed gold -0.02% below the 1260 level. This has our attention shifted lower with the 1260s acting as resistance. A close above yesterday’s high at 1267 would put a wrinkle in the near-term bearish outlook. Trend-line support from December is next up as the downside objective, the 200-day, and then March/May t-line. But as long as gold -0.02% stays below prior support turned resistance, the bias will remain neutral at best.
Comment:
Please See Detail Anlysis who I already posted on that chart. XAUUSD
Trade active
