Gold failed to close above $1150 for more than 1 day. If the price of Gold can stay 3 or more days above $1150, then Gold will be on the move back to $1225. A close below 20ema ($1115) is BEARISH indicating a retest of $1075 with a possible next leg down to $975. Gold hit $1225 (03Dec) and fell to $1070 (22Dec) over 13 days, then rose to $1160 (11Jan) again in 13 days. A final corrective wave down could see Gold test $1000.
Long Indicators
1. $1130 > 5ema($1135) > 10ema ($1131) - FAIL
2. Macd Bull cross on 4th Jan ($1110) and rising histogram - FAIL
3. Stoc(68) > 50 and rising - FAIL
Trade Short $1150 Stop $1165 Target $1075 Risk/Reward 5/1
via GLD Short $111 Stop $113 Target $100
Long Indicators
1. $1130 > 5ema($1123) > 10ema ($1113) - PASS
2. Macd Bear cross in Dec08 ($1100) and rising histogram - FAIL
3. Stoc(53) > 50 and rising - PASS
Trade Long $975 Stop $950 Target $1200 Risk/Reward 5/1
No comments:
Post a Comment