Gold and Silver on Mon 21-Feb-2011

Gold has posted +32 pts gain (+2.3%) last week and it has exceeded my target price of 1382 and settles at 1389 for the week, highest 1391.

Current resistance of 1393 will be taken out anytime on Monday, hopefully Gold can hit initial shadow before going to test the previous high 1423.

Strong Resistance 1423
Current Resistance 1393
Current support 1380
Strong support 1367

To Long aggressively, or to sit and wait for Gold to come to support?
Erm... I queued to Long at initial shadow whole of last week on Gold, but couldn't get my entry, I remind myself of the Maximum Adversity - our master market will do everything to hurt the traders' account to 100%!

While we have yet to see reversal, I will still trade on Long.  This week, I will be more aggressive.
Monday: Long at 1385, SL 1380 (support), TG1 1395, TG2 1423.
The resistance at 1393 is unlikely to pull the market down for a steep correction, reckon 1385 the best level to Long.  If Gold posted a gain on Monday and close above 1393, I'm going to hold this Long position until my ultimate target of 1423 for the week.


Silver

Very very bullish on Silver, when Gold posted 2.3% gain, Silver, has gained 27.1 cents (+8.3%) and settles at 3261.2 cents for the week, highest 3285.0 cents.

When market present a strong bullish sentiment, I am worried... >.<  How would the correction looks like when it happen?

Thus, trading in Silver, I prefer to do intraday trade to Long when market come to 3242 cents, SL 3215, TG 3350 / EOD, stay out if market turns to 3180 cents.


Related: and
http://www.scribd.com/doc/37142259/The-Universal-Principles-of-Successful-Trading#outer_page_30