fearlessfury

Long gold on wedge break

Long
COMEX:GC1!   Gold Futures
Go long on break on expanding wedge pattern

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A breakout above 1240 was the point I was looking at in Oct to go long it failed miserably as a long shot. Needless to say I didn't go long or short for that matter. Having a view something is going to go one way and it doesn't is a hard call to do the opposite so really doing nothing is maybe a cop out but it saves capital. In this case above traders are going to do the opposite at 1240 this time. Thinking this will be resistance and they may be right BUT a breakout above 1240 is something to watch. Be patient a breakout above 1220 (or this channel) should be viewed as a get ready aim then when it breaks above 1240 FIRE! There is little resistance above 1240 until 1300.
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fearlessfury glennjoy1
The only reason I'm long this is because of the break of the downward trend line and the possibility that it forms an established up trend. I don't predict trends, I just follow them.
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