Sunday, August 26, 2012

i like about Gold

Gold forecast for the week starting 27 Aug 2012

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.

Gold survey results:

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.

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