jangseohee

Gold break out, but be specific

COMEX:GC1!   GOLD FUTURES
209 2 4
Gold             broke out of resistance, hell yes but not specific enough, it broke out of an accelerated downtrend which overall still in downtrend.
It is a +ve retracement within a -ve trend.

Immediate resistance to break is 1220 successfully doing so might see it shooting towards 1250, 1280 (major resistance)
Gold's a buy above 1240 make it work for you. I think when prices break out of down channels they seem to roll onto it's top side for a while. Ok Sometimes they don't but at 1240 plus it will confirm the fact.
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jangseohee glennjoy1
true, the 4 price doji gap around 1240 will certainly be filled.
after that 1250 then ~1280 (major resistance from 2011), buying or shorting in the middle of a long term trend is really treacherous unless there is a gap up or down

Another scenario, price would come down ~1200 again to test for support.
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