XAU/USD Spot Gold

Can somebody tell the gold that "way higher" is the other way.


Trade going well so far, market need to get back above 1375, to show it's not weak.

Time to sit tight and wait, for the trade to develop...

weeeeeeeeeeeeeeee

Yep, why not, but this require some imagination, and gold better stop to bleed to validated your idea imho...

Below 1352, validating a new low it will probably be toasted.

Watching 1375-1352 so far before re-evaluating.

i agree its lookin shaky right now and im not a big believer in patterns but this one was stickin out

i guess like u said gotta watch some important levels, especially today before deciding

love gold and silver man. love the volatility

yep, Gold and Silver are great trading vehicles, love 'em too.

The hardest part for me
Still have to learn to forget money in the trade as long as it is not in the pocket.....

yep, It takes time to detach from the money value and focus on playing only on the game the best as you can.

The hardest part in trading is achieving emotional control, to avoid irrational behaviors, that make you lose tons of money.
It's so hard, because this often require really big changes in people behaviors and habits.

Short term target if gold stay weak --> 1345.

Using a 1Hour chart with 2 previous resistance lines that were broken.
We already get back below the 1st one (cyan circles)

If we have to retest the 2nd one (purple circles), target would be in the vicinity of 1345.

The green line in this chart is the equivalent of the "support" trendline shown in boxingislife chart.

M15:


ps of which I hope UTL will hold.....

silver showing some divergence on the hourly

so far gold is holding

M15:

yea i just saw that
sorry im not posting charts
a bit lazy thats all

i guess we have to wait and see what goes on during the US session

yep, nice test.

Gold, staying weak so far.

Thought we might be looking at this EW "triple three" pattern where gold is currently headed from point 'b' to point Y. Clearest on the PM fix chart.


http://img98.imageshack.us/img98/248...riplethree.jpg

Still looking for more downside.
Placed stop @ 1370 a little above WPP
Possible trend-change imo if dotted green line breaks (1386 atm)

M15:

Still Downward

Short gold trade still looking ok.

Waiting for the first target 1352 to be hit.
Full position stops lowered to 1366.

Notice the descending trendline at around 1385.
If gold should show strength then it will have to get back above that trendline.

Am long with a stop at 1355. If gold gets below 1330 it completes the top formation and would mean say 1260.

Closed short @ 1361.20 waiting for better level to re-enter

Watching silver XAG/USD, for a potential short signal entry IF price can close below 28.25 by 00:00 GMT then will go short on the opening price.

Staying flat if the close is above 28.25.
Signal would tend to confirm the gold XAU/USD short trade, as silver is stronger.

Back in waiting mode now...