- In strong uptrend, most probably having shaken out a lot of weak longs on the retracement move from 1431 down to 1308.
- New historical high made tonight, now trading at 1446.
- Increased long here via stop-in at 1444.
- Unfortunately no idea where upside target should be. Will have to make this up as we go along.
- Probably not a bad idea to take profits as we reach round figures and re-establish on setbacks.
3 comments:
At 1432 now. This has a habit of making new highs then pull-back below almost immediately and spends ages below before going on to perform. I got to adjust my trading to take this pattern into account.
Hi TS,
You're right about the patterns in gold (and silver). I've researched this and it helps to know delivery months, options expiries. PMs behave this way especially if new highs correspond with expiries and delivery months. I expect gold and silver to go sideways for a while now.
Pandu
Further to previous comment: PMs might even go a bit lower depending on whether we get a good bounce in the DXY. However, the charts are the final arbiter.
Pandu
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