for those who traded gold, you might have seen multiple bullish technical indicators showing collective bull patterns last week and the rally is driving me out of my mind.
I entered Long on 20-Aug at $1619.
wanted to place the target exit at 1639, this is a mistake, or this is done on purpose? I took profit at 1621 ($2 instead of $20).
Gold is trading near 1670.
far above my target exit.
I like it, i made some money, although not as much as I have planned to make, but my forecast has printed the chart ^.^
[padding my own shoulders]
back to the technical forecast:
Daily Chart: Finally Gold has broke up from the sideways pattern, and after 3 days of long white candle (every day average $20), market has shown some technical correction last Friday.
shall the technical correction continues, support lies at $1647-50, and i forecast market to trade sideways testing this support.
please take a look at weekly chart, gold has traded near high, gold needs to break up above 1670 to confirm the bullish trend.
Read:
Gold survey results: http://www.bloomberg.com/news/2012-08-23/gold-bulls-strongest-in-nine-months-as-hoard-builds-commodities.html
If you have read this link, you realize market sentiment is BULLISH - but i am holding a sideways bearish view, capped between 1650-1670.
Let's say gold continue technical correction to $1650, I am still having a long term bullish view on Gold, unless it settles below strong support $1630.
No comments:
Post a Comment