MidasTouchConsulting
Long

Gold still in consolidation

FX:XAUUSD   Gold/U.S. Dollar
2 months ago
Multi-month agonizing sideways consolidation in FX_IDC:XAUUSD             continues.

Main scenario: Gold             can hold above $1,300 and will soon start the next leg up towards $1,415 - $1,430.

Worst case scenario: Gold             is breaking the trend-line and corrects towards $1,262 - $1,295. That would be a great buying opportunity.

Only below $1,255 new bull market gets into serious trouble.
2 months ago
Trade active: Worst case scenario active! Finally gold is presenting us a wonderful opportunity to buy. Yesterday´s crash certainly killed all the weak hands in the market.. we´re close to the 200MA. 1255-1262 should hold.. expect 2-4 days bottom building before gold is moving up again
albertwt
2 months ago
OK, it seems that it breaks the critical support level.
Does this means that Gold will be bearish until the end of this year ?
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MidasTouchConsulting albertwt
2 months ago
No it is coming into my blue box. Very close to the 200MA. 1255-1260 is very strong support. We might see another 2-4 days of searching the bottom but in my humble opinion this is a buy. I have buy orders between 1270 and 1260. Stopp 1250
+1 Reply
XMrider MidasTouchConsulting
2 months ago
Hi MTC, Did you stopped out at 1250?
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MidasTouchConsulting XMrider
2 months ago
I used Friday´s spike to close my position as I am not yet convinced that the bottom really is in... I don´t want to see Gold moving below 1210/1220 because in that case the bigger picture indeed would be changing... right now I think we are close to the bottom or might have seen it already.. once established a bounce towards $1,295 should follow. But only above $1,325 gold is back in full bull mode.. so far it´s a healthy pullback/dip within a larger uptrend...
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albertwt MidasTouchConsulting
2 months ago
Ah I see, thanks for the clarification.
Thanks for the sharing.
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MidasTouchConsulting albertwt
2 months ago
http://us2.campaign-archive2.com/?u=782363159fbc9257a5256cdde&id=6dca6e711d&e=
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