06 July 2012

Gold : Sell Stop below 1567

  • Have not touched this in ages. Last attempt was to sell the monthly/weekly triangle downside break which failed. Since then, we have criss-crossed the original lower triangle line several times.
  • Failure to re-enter and stay within the triangle convincingly means that I am still looking to trade the downside.
  • Based on the lows of the recent weekly candle bodies, I am going to try to initiate a short if we get a weekly close below 1567.

1 comment:

Taichiseal said...

Aug Gold trading below 1567 now. Due to heavy Risk Off commitment elsewhere and high margin requirement for GC, I am going to pass on this trade.