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  • #18,661
  • Nov 5, 2014 1:18am Nov 5, 2014 1:18am
Im thinking of shorting. SL 1152! But im on the sidelines....
  • #18,662
  • Nov 5, 2014 1:38am Nov 5, 2014 1:38am
I think $1106 will be hit very soon in this week, and look like there is NO bounce back to $1200 at all.
1106 is fib expansion 100%, 1114 is 3rd weekly support line.
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Trade at your own risk. Don't follow one's opinion.
  • #18,663
  • Nov 5, 2014 1:58am Nov 5, 2014 1:58am
the precious metal s making me wonder i might consider shorts later though
  • #18,664
  • Nov 5, 2014 2:03am Nov 5, 2014 2:03am
for technicals fans: 1155 has been breached, need confirmation...insert some charts...no comments needed...

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  • #18,665
  • Nov 5, 2014 2:06am Nov 5, 2014 2:06am
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  • #18,666
  • Nov 5, 2014 2:44am Nov 5, 2014 2:44am
Another view. Channel and EW
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  • #18,667
  • Nov 5, 2014 2:49am Nov 5, 2014 2:49am
$1124 can become immediate support for the yellow metal prices; however, oversold RSI signals the reversal till $1161 horizontal resistance level. On the break of $1161, the $1165, resistance line of the descending trend channel is likely to cap the near-term up-move of the bullion prices. Moreover, a plunge below $1124 can break the $1100 can give rise to chances of $1080 test.
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  • #18,668
  • Nov 5, 2014 2:49am Nov 5, 2014 2:49am
Quoting mact4
Another view. Channel and EW {image}
Even the 5th wave of the 5th wave is steep... LOL

"...this is gonna take longer than I thought..."
  • #18,669
  • Nov 5, 2014 3:30am Nov 5, 2014 3:30am
gold has broken a major uptrend line from 2005,

do not long gold until these support level holds..................

1124-1130(strong support)
1110
1086(strong support)
1069
1054
1027(strong support)

its better to enter short on bounce.
Nothing Is Certain In The Universe
  • #18,670
  • Nov 5, 2014 4:01am Nov 5, 2014 4:01am
Thank you Xedianakin
  • #18,671
  • Nov 5, 2014 4:02am Nov 5, 2014 4:02am
Quoting Fx_Anil
$1124 can become immediate support for the yellow metal prices; however, oversold RSI signals the reversal till $1161 horizontal resistance level. On the break of $1161, the $1165, resistance line of the descending trend channel is likely to cap the near-term up-move of the bullion prices. Moreover, a plunge below $1124 can break the $1100 can give rise to chances of $1080 test. {image}
Anil which type of chart are u using to determine that the retractment of the current gold dip would reach upto 1165? I m new into trading.....
  • #18,672
  • Nov 5, 2014 4:18am Nov 5, 2014 4:18am
Quoting XediAnakin
gold has broken a major uptrend line from 2005, do not long gold until these support level holds.................. 1124-1130(strong support) 1110 1086(strong support) 1069 1054 1027(strong support) its better to enter short on bounce.
XediAnakin
  • #18,673
  • Edited 5:35am Nov 5, 2014 4:22am | Edited 5:35am
Quoting Karpa
{quote} Gold is at a very strong support zone and at a weekly/daily/H4 oversold level so technically it should retrace. Analysts say that if $1160 breaks, panic selling could happen and further downward action to level $1050. Currently I'm holding a couple of longs at 1200ish so I'll just be prepared to short again, adjusting pending sells. I don't like bears very much and I hate to sell something I don't have but that's how the game is played, so be it Cheers
Thy preciosity didn't retrace after all, sorry guys, the truth is I was being dovish
Next stop is at 1100 and I'm ready for it when super massive data from USA gets released later on today.
Bulls, trade safe!

Edit: not selling, just hedging 1200 positions
  • #18,674
  • Nov 5, 2014 4:31am Nov 5, 2014 4:31am
The bears are having a field day. When will it be the turn of the bulls? Sooner or later?
  • #18,675
  • Nov 5, 2014 4:55am Nov 5, 2014 4:55am
Ive put my stop losses at 1158....scary nosedive...maybe 1130 coming up on NY open? thoughts? comments?
  • #18,676
  • Nov 5, 2014 4:57am Nov 5, 2014 4:57am
Buy on fear, sell on greed.
Buy on the rumor, sell on the news.
The trend is your friend.

Amateurs want to be right. Professionals want to make money.
  • #18,677
  • Nov 5, 2014 5:02am Nov 5, 2014 5:02am
Quoting raianil007
Buy on fear, sell on greed. Buy on the rumor, sell on the news. The trend is your friend. Amateurs want to be right. Professionals want to make money.
very good stuff
  • #18,678
  • Nov 5, 2014 5:05am Nov 5, 2014 5:05am
By carefully drawing Channel down on Weekly chart..I came to conclusion Support is 1130-35 (Monthly S1) or 1120 (monthly S2).

as for 1082 (lifetime Fib 50% level)..I assume this time it wont test it..this price is too cheap for gold for now.
always draw trendlines
  • #18,679
  • Nov 5, 2014 5:16am Nov 5, 2014 5:16am
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  • #18,680
  • Nov 5, 2014 5:22am Nov 5, 2014 5:22am
Quoting raianil007
Buy on fear, sell on greed. Buy on the rumor, sell on the news. The trend is your friend. Amateurs want to be right. Professionals want to make money.
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