If you saw my forecast yesterday, you would have seen this great opportunity. I managed to quickly grab 3% out the market which under these conditions, is very good! Congrats to anyone else who took this position
I believe that we will be finding out whether Gold will go up or down very soon. I personally would like to see Gold go up towards the 1910 level, however I am very prepared to go short if the market decides to go that way. Keep your eyes peeled!
We’ve just seen a nice push to the upside followed by a wick. This could be the beginning of momentum being lost and more sellers jumping in the market. I believe that we could start creating a small ascending channel towards 1910 and then drop in the same manner we did back in November.
If the market wants to keep pushing Gold throughout the rest of the year then I will get involved in this position and ride the wave up. I’m expecting Gold to range during the Monday and Tuesday session before it decides on where it wants to go.
Gold doesn’t have to be complicated. I’m forecasting gold to range around Support 1 and Resistance 1 for the rest of December. January is always a big month for trading and we have to be prepared. Big swing trades are coming soon!