fxtrader66
Short

Gold - Trade the range and sell the meltdown.

FX:XAUUSD   Gold / U.S. Dollar
508 0 1
Bernanke said on wednesday the FED was not going to taper and would continue QE . Gold             immediately spiked right into resistance trapping any one who bought at the top of the range. This was a classic break of channel/support and price comes back to test it as resistance along with the upper trendline and 1373 S&R level. Any rallies back up to the top channel is a sell and a buy at the bottom of the new downtrend channel on signs of support. If price breaks the bottom channel and 61.8 fib at 1276, is a sell on the breakout for aggressive traders, for conservative traders one could wait for the pullback. Would also look for price to come back to the bottom channel to sell once again. Gold             likes to break support and back test it as resistance.

Why am I so bearish on gold             with continued QE? Looking at all past QE events, gold             sold off, and for the last two years it has not been able to regain its 2011 high. If price finds support at its 1180 low then there is a possibility gold             has put in a low there, a break of this level and a gold             could slip down to 1000 quite rapidly.
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