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All Majors and Gold

  • #3,501
  • Mar 26, 2013 7:52am Mar 26, 2013 7:52am
Quoting lexazver
Everyone seems to expect that if it goes to c.1625 it will then tank hard from there....In my view if we get to that level, of course we will have pullbacks and retracements but overall I think it will continue higher... gold has what I call an unfinished business around 1658 and 1790 level. By unfinished business I mean single volume prints and a lot of the times, and sometimes after a very long time, the price tends to go back to those levels.
Interesting point about the single volume prints. Longer term, I do think GOLD will eventually sky rocket past those upper single volume prints to levels we have never seen before, in terms of price I'm thinking $3000, $4000 per ounce and beyond.

Timing the entry for this incredible bull run to come is my speculative challenge at the moment.
I think GOLD is currently in a corrective phase which is the prequel to these much higher prices.
  • #3,502
  • Mar 26, 2013 8:02am Mar 26, 2013 8:02am
Quoting mark_it
Interesting point about the single volume prints. Longer term, I do think GOLD will eventually sky rocket past those upper single volume prints to levels we have never seen before, in terms of price I'm thinking $3000, $4000 per ounce and beyond.

Timing the entry for this incredible bull run to come is my speculative challenge at the moment.
I think GOLD is currently in a corrective phase which is the prequel to these much higher prices.
hi mark,

how long have you been trading forex and gold?
you seem to be technically sound, can i ask what is your background?


ok at the moment we are in a downtrend wi th 1601 as resistance in h1
anytime price gets to that point without much news noise you should see drop back down to 1591 support

ok look price at 1597 potential retrace to 1600 in next hr
Wooooohooooo or Boooooohooooo
  • #3,503
  • Mar 26, 2013 8:26am Mar 26, 2013 8:26am
Quoting gnomoneey
hi mark,

how long have you been trading forex and gold?
you seem to be technically sound, can i ask what is your background?
Hi gnomoneey,

I've been trading fx since 2004 and Gold/Silver for 4 years. I keep my eye on the S&P also.
More recently, I've been focussing on Gold, I think there will be a lot of drama ahead, in both directions.

I'm a completely self-taught trader and always open to the different techniques that technical analysis offers.
  • #3,504
  • Mar 26, 2013 8:31am Mar 26, 2013 8:31am
there were some strong buyers at 96
  • #3,505
  • Mar 26, 2013 8:35am Mar 26, 2013 8:35am
Quoting mark_it
Hi gnomoneey,

I've been trading fx since 2004 and Gold/Silver for 4 years. I keep my eye on the S&P also.
More recently, I've been focussing on Gold, I think there will be a lot of drama ahead, in both directions.

I'm a completely self-taught trader and always open to the different techniques that technical analysis offers.
same with myself....self-taught....
hope you start posting here

thanks,

G
Wooooohooooo or Boooooohooooo
  • #3,506
  • Mar 26, 2013 8:36am Mar 26, 2013 8:36am
gold view for today

Attached Image (click to enlarge)
Click to Enlarge Name: xaumarch26d1channel.gif Size: 30 KB
Wooooohooooo or Boooooohooooo
  • #3,507
  • Mar 26, 2013 9:44am Mar 26, 2013 9:44am
Quoting lexazver
there were some strong buyers at 96
hmm yes, there's been a persistent stream of buying since 1596.20, we could see a breakout to the upside.
  • #3,508
  • Mar 26, 2013 9:47am Mar 26, 2013 9:47am
Quoting mark_it
hmm yes, there's been a persistent stream of buying since 1596.20, we could see a breakout to the upside.
Oh GOLD has wings! Let's see if we can hit 1624.17. My mini long is showing a mini profit, can't complain
  • #3,509
  • Mar 26, 2013 9:55am Mar 26, 2013 9:55am
Quoting mark_it
Oh GOLD has wings! Let's see if we can hit 1624.17. My mini long is showing a mini profit, can't complain
I can see first resistance at 1605.61 on the H1 chart.
  • #3,510
  • Mar 26, 2013 10:10am Mar 26, 2013 10:10am
Quoting mark_it
hmm yes, there's been a persistent stream of buying since 1596.20, we could see a breakout to the upside.
unfortunately for the longs there been persistent seller at 1600/01
  • #3,511
  • Mar 26, 2013 10:21am Mar 26, 2013 10:21am
Quoting lexazver
unfortunately for the longs there been persistent seller at 1600/01
have to give it to the buyers, they are pushing it
  • #3,512
  • Mar 26, 2013 10:23am Mar 26, 2013 10:23am
Quoting lexazver
unfortunately for the longs there been persistent seller at 1600/01
I think Gold will break past 1600 - and I'm thinking this same seller will be revisiting shortly afterwards - possibly 1602 to 1605.

I think I'll close my long in this range - otherwise SL set to break even.

I'm considering another mini short at 1605 - but we will see.
  • #3,513
  • Mar 26, 2013 10:50am Mar 26, 2013 10:50am
Quoting mark_it
I think Gold will break past 1600 - and I'm thinking this same seller will be revisiting shortly afterwards - possibly 1602 to 1605.

I think I'll close my long in this range - otherwise SL set to break even.

I'm considering another mini short at 1605 - but we will see.
Stopped out for zero loss - still think there is a case for the bulls and will re-enter.
  • #3,514
  • Mar 26, 2013 10:54am Mar 26, 2013 10:54am
Quoting mark_it
Stopped out for zero loss - still think there is a case for the bulls and will re-enter.
re-entered at 1598.50 - first target 1605.61.
  • #3,515
  • Mar 26, 2013 11:03am Mar 26, 2013 11:03am
those pesky sellers at 1600/01 not letting the price go higher
  • #3,516
  • Mar 26, 2013 11:21am Mar 26, 2013 11:21am
the move from 1594.54 upwards looks very 'tired' - a classic market condition for a reversal and I think 1605.61 could be a place for it - it may not get there today as we have lots of sellers around (which are likely to be back in larger numbers).

Mini short order placed at 1605.
  • #3,517
  • Mar 26, 2013 11:57am Mar 26, 2013 11:57am
Quoting mark_it
the move from 1594.54 upwards looks very 'tired' - a classic market condition for a reversal and I think 1605.61 could be a place for it - it may not get there today as we have lots of sellers around (which are likely to be back in larger numbers).

Mini short order placed at 1605.
If GOLD drops below 1589 my shorts will kick-in. However, I think we could snap back from 1579 if this happens, possibly before a larger decline.
  • #3,518
  • Mar 26, 2013 12:05pm Mar 26, 2013 12:05pm
think we will go to 1591
  • #3,519
  • Mar 26, 2013 12:12pm Mar 26, 2013 12:12pm
Quoting lexazver
think we will go to 1591
but first 96 needs to be cleared, seems like there is still nice support there
  • #3,520
  • Mar 26, 2013 12:16pm Mar 26, 2013 12:16pm
Quoting lexazver
think we will go to 1591
if the shorts kick-in I will move the SL to break even asap - these shorts are bigger than my very mini longs from earlier and I'm expecting a snap back from lower levels.
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