Hi, these are just ideas not recommendations, sometimes I trade my ideas, sometimes I don’t.
Always remember, yours is the responsibility for your trades,
Good luck,

Tuesday, July 17, 2012

Gold support and resistance

Gold is treading a triangular formation favoring shorts since the beginning of June. Daily speaking, two levels are well defined.

The upside break of the triangle upper line followed by a close above 161.30 for this week will put the odds in bullish side.
155.28 was almost touched today, a close below this line is a short indication but I would like two or three days under before shorting. Gold is nervous and the markets are a little neurotic today at midday, let’s wait for the close this afternoon.

Long term view is also to the short side, old support is at 151, a break above the 4 week upper channel kind of end it for the shorts.

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About Me

I am a civil engineer who likes charts, to me, speculating in the markets is both a hobby and a second profession and in my view the stock market is the most honest environment, since it is only your knowledge and preparation that matters. I live, and work in the construction industry, in the Dominican Republic. I read and answer all my mail so please feel free to write sternloinaz@gmail.com Thanks, Erick