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,
Erick



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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From the Dominican Republic - Swing Trader Speculator - Civil Engineer/Project Manager - sternloinaz@gmail.com