NaughtyPines

XAUUSD/GLD: POSSIBLE LONG/SHORT ENTRIES; LONG ENTRY NOW AT 1258

FX:XAUUSD   Gold / U.S. Dollar
76 2 6
After having tested the 1300 mark on May 2nd, gold             has been short-term trundling down in a 25 dollar wide channel within a longer-term upward sloping channel (the two intersect at around 1250).

SHORTS: Risk reward militates in favor of waiting until a test of the upper bound of the downward sloping channel/long-term Fib resistance at 1283 to short, targeting the lower bound of the upward sloping channel at 1250, as downside potential is somewhat limited here.

LONGS: Although I would ideally exercise patience and wait for a test of the lower bound of the upward sloping channel at about 1250, targeting either the upward bound of the downward sloping channel currently around 1275 or long-term Fib resistance at 1283 (shown in red), I can see an argument for pulling the trigger on a long right now, given short term horizontal resistance at 1258, again targeting 1275 or 1283 ... .
Comment: Well, broke that short-term support at 1258 ... . Watching 1250.
Comment: Mmm. Break of the channel -- looks like I need to reassess .. .
really looking forward to this potential buy on Gold! Nice analysis and great chart too!!
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NaughtyPines lukelehepuu
Thanks!
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