FX:XAUUSD   Gold / U.S. Dollar
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Sell gold             at possible resistance from 1308 to 1312             at breakout of channel
GBP.USD missed, right? Didn't come above... But, surely this will work!
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GBp could still come back and pick me up, patience is the key to this trade.
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Hoping that it would come up until that line. Perhaps, tomorrow?
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Its right up there now and the FED minutes are 10 mins from now.. will not enter any trade until that is over. There is a good chance this setup will not work.
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i don't think so. on daily, gold is going to bounce up... not necessarily exactly from this level, but as long as it doesn't close significantly below the trendline, it's up tp 1360.00.
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fxtrader66 isomorph
I am using copper as a guild to help with direction on gold. Copper broke out of its daily triangle this morning and believe??? it will find support with in its weekly triangle. Gold looks like to me it could retest the daily 61.8 at the oct 2 lows Here's a screen grab for copper http://www.zerohedge.com/news/2013-10-09/interactive-brokers-sincerely-apologizes-hikes-margins-momo-stocks-once-more
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fxtrader66 isomorph
Here's the correct link for copper.
snapshot
Over all I think you could be correct because gold looks like it wants to go higher. A daily break of its upper channel would be a positive sign, although going down to the 61.8 and piercing it just a little intraday could set up a short squeeze that could give gold the energy to rip.
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isomorph fxtrader66
you're right. also, to play devil's advocate, i was wondering what if they do announce taper, then we have a mad scramble out of stocks and into gold... but before that happens, maybe the big guys will want to try to depress gold prices as much as possible and then when they move the money out of stocks and other intstruments, they will start buying gold big time.
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very interesting to see what will happen
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very intersting to see what will happen
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