April Gold - Trend is down but in the last five days gold has been consolidating within 1565 - 1585 range. This could be an area of temp support. Breakout from this pattern is going to push the price up to the next resistance (1620) and towards the down-sloping parallel line. Risk / Reward = 1.85 not bad.
Comments
LEONES
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Target almost reached! I take the profit
ozatrading
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1579.7 and 1580 sellers A BIG here..if it would not get upper..i would look short.
LEONES
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this is a short term trade, i agree the trend is down
LEONES
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compare also with silver and you will find more reasons for a long now
QuantitativeExhaustion
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Will US jobs report be the trigger? I believe they will come in-line or lower than expected.
LEONES
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yes maybe good point
QuantitativeExhaustion
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The thinking here is US Federal Reserve will continue QE through 2014-15. We also have China industrial production numbers coming out later in the day. IF US in-line or worse than expected and China industrial numbers growing, both will trigger gold/silver much much higher
QuantitativeExhaustion
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The thinking here is US Federal Reserve will continue QE through 2014-15. We also have China industrial production numbers coming out later in the day. IF US in-line or worse than expected and China industrial numbers growing, both will trigger gold/silver much much higher
LEONES
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yes thank you, real economic doesn't seem picking up...i need to have a look at copper too, nice flag there..
QuantitativeExhaustion
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I see that flag, very good. How about coal, still have a move lower before correcting?