We were stopped fairly quick today. This is typically...stops usually happen quickly. Now we must be patient with Goldie...she is still deciding if there is more upside. We will watch how price reacts to 1250 - 1254 area. If she breaks to the downside we will let it go for one day before looking for entries. Keep her on your watch list.
We are long Goldie again just above yesterdays highs. We have a VERY SMALL position and will add another tier on a clean break. This has a chance to visit to the 200 day MA on the weekly chart at around 1295. It also could chop around until a central banker open his ,mouth. HONOR YOUR STOPS!
We were stopped out of our gold position Friday. Goldie is still consolidating...we expect her to break this range this week. We still like the upside and will keep an eye on any opportunity to re-establish a position to the upside.
Goldie Triggered a trade for us last week. We are in with a SMALL position. We like the consolidation that is occurring. If we break to the upside WITH VOLUME we will add (small) to our current position.
After a significant and a rather hasty run-up in the last couple sessions, April gold has formed what we traders like to call a Bearish harami type of candle in the last trading session.
This does not mean the price is going to tumble back down like a lead balloon, but it is an important signal for a possible reversal short term or a more extended one. The first...