Gold is moving back up towards the 1767.1 high. I think it has potential to hit the 1776-1792 range. I still am bearish on this market but now is not the time to short. I have to wait for a better sell setup than this. If Gold takes out the old 1767.1 high then I [...]

There are three things that can happen when a security breaks an uptrend line:
1. Sharp drop
2. Drop followed by backtest (followed by sharp drop or continuation of rally)
3. Sideways consolidation – usually leads to rally

We are in situation #3 here. As long as Gold closes above the open [...]

I was stopped out of my Gold trade last night. At this point we have to wait at least another day before getting another good sell setup on Gold.

I’m still short Gold and I have had limited success. In my experience the best trades are the ones that head in your direction almost immediately and this one has kind of stalled here in the 1715-1725 range. I’m not surprised because I did identify this as a potential area of support a few Gold [...]

My Gold trade from last night is working but if Gold closes above 1720 today then I think another bounce is possible. Gold has broken the 1723.9 uptrend line and is currently trading just below it. This is a very dangerous territory to be short because Gold could simply rally strongly on Sunday and reclaim [...]

Based on today’s close in Gold I decided to get short again. I just got short at 1733 via MGC since Gold is still holding the 1523.9 and I feel Gold is weak and will break down tomorrow but I don’t have the technical evidence to get more short than this. Still Gold has rallied [...]

I was hoping for Gold to break yesterday’s low today but instead it held above the 1523.9 uptrend line and has reversed strongly to the upside. We are at least a few days away from getting another sell setup on Gold.

Gold barely broke yesterday’s 1752.6 high and trap reversed. I decided to try to ride this for a day trade and got short GC at 1747 (the last bar). My target is 1738. I have capped this off at break even.

Today is potential turning point day in Gold. Gold could be a good [...]

The blue rectangle region is the nearest area of support. Below this blue rectangle I don’t see support until the 1667-1680 range. I’m looking to get short Gold in the 1740-1750 range. Currently Gold has bounced off the old 1535 uptrend line and this bounce may carry it back to 1740-1750 in the next few [...]