Monday, April 4, 2011

Gold and Silver on 4-Apr-2011 (Mon)

Gold has been travelling up after it touches the low of 1410 last week, with a wild wild north-south swing to test the bottom again and again.  Day range has been increased to 24 points last Friday,I guess many would have been kicked out from their long trade during the significant NFP announcement.

Based on the timeline, this consolidation shall end this week, with a good support at 1410, and resistance at 1440.  This would be the last chance to re-enter the market with long trade and looking forward to Gold to break 1440, and then to break 1450 and shoot to the moon.  Aggressive Long trade can enter near 1413-1410, with the SL place slightly below 1400.

I believe market adversity always happen, especially before the big moves, 1413-1410 is a good position, however, once we are out from the trade, best thing to do is do nothing, sit down, and observe for Long opportunity when Gold is trading at the round figure 1400.  Very high possibility that I may not even get the entry, so be it, I will wait for another few trading days to enter the market with a new price.

Reminding myself that my annual target for Gold = 1600.

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