My long term view on gold is bullish, check ou the chart at the linked ideas.
Finding a good place to go long is key, and I believe today it is a very good spot to do just that. Corrective double bottom with bullish divergences on all three oscillators, and a false breakout below the local support.
I allready made a partial entry last night, but I want to see some momentum to enter with a full position.
Stop under yesterday's candle. First resistance at 1330$, and then at 1400$.
Good luck!
Comments
OldGoat
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I agree with your basic premise that GC will trend up from 1180. However, I am doubtful that we have hit the bottom of the down leg from mid-March. For quick day trades, GC may go up or may go down. For something longer I suspect we are likely to see 1260 before we see 1360. I don't see GC making it up to 1320 before continuing the down leg. I don't have any special insight, just my guesses based on the technicals I follow and trying to correlate with my observations of geopolitical and economic events.
Thanks for sharing your ideas., your chart work is terrific. All the best to you in your trading.
vlad.adrian
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Let me start by thanking you for your kind words, I really like when my work is appreciated.
I actually trust this trade a lot, it's a very clear picture. I've been waiting for it for quite a long time, everyday I have been checking the price of gold, and it is not an instrument that I follow closely, like the US indices. I have not fully put up a long position, as there is no momentum. I have only one contract, risking less than 1% of my equity, so I say bring on the 1260 level, I will still want to go long below it. Thank you again!
ShahrozLodhi
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heloo sir
vlad.adrian
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hello
ShahrozLodhi
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sir what is the name of the stratgies that you are using
vlad.adrian
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It doesn't have a name, it is custom. It is derived from Triple screen trading system by Dr. Elder. Check the newer charts I posted, I added new indicators
azn_trader
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My very short term for gold is bullish. My long term for gold is bearish but if the FED stop tapering and continue to do more QE with the larger scale then my long term is bullish. China is in credit crisis eventually will hit the maket soon. During 2008 credit crisis, all markets are sold. Gold & silver were down 50%. China is the biggest buyer of gold but when their economy is in trouble with credit crisis. China is the second largest economy in the world.With the shadow banking system $10 trillion dollar with the "T". The goverment can't rescue because they don't know where those loans are. As the trader, i have wait for the Fed reaction when the crisis hit, if the fed starts to print to rescue the crisis, gold may go up. If they don't gold & silver could be in trouble with other asset classes.
vlad.adrian
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Well, I don't follow fundamentals, my opinion is strictly technical. I can't agree or disagree with what you said cause I do not have the economic knowledge to do so.
About 2008, Gold was down only 30%, not 50%.
Sharky8899.
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How do this work, gold miners are already down 50-90% i guess the gold price will be the hardest hit?
Thanks for sharing your ideas., your chart work is terrific. All the best to you in your trading.