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  • #2,721
  • Feb 26, 2014 10:09am Feb 26, 2014 10:09am
Quoting ClockTrader
{quote} A reasonable support @ ~1322 looks pretty visible, a retracement or a Big bounce from here? Tomorrow holds the key. Lets see how it plays out. Tomorrow & day after and then next entire week, Gosh! every day, every hr looks so crucial ahead. Have a nice one you all!
Yeah PA has been nuts. But thats what makes it interesting!
To live a successful life, we must lose our fear of being wrong
  • #2,722
  • Feb 26, 2014 10:09am Feb 26, 2014 10:09am
Quoting EatPIPs
Yeah i've just bought more also. There has to be a correction nonetheless. Well done CT for your projections for today.

Thank you
There is also PIVOT POINT where sma 400...lets wait now and see what happent.
  • #2,723
  • Feb 26, 2014 10:16am Feb 26, 2014 10:16am
This low was exact 61,8% FB
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  • #2,724
  • Feb 26, 2014 10:27am Feb 26, 2014 10:27am
hello fellow gold junkies.
My trend indicators favor selling at the moment. If Gold closes below the 60sma ( 1320.26) on the 4 hrs chart, then bears will be in control. 1243 should be the top for this week and this month. I expect a major correction to 1310 level next week. Next month NFP will decide the strength of the correction. In my opinion Bulls are exhausted and will need to take some rest until next month.
  • #2,725
  • Feb 26, 2014 10:33am Feb 26, 2014 10:33am
Guys...we are all shocked by today's massacre..I also do have buys on top.

But here's what I concluded. Things actually seems go on 'right pace'

Look at your Daily chart. Look the XAU/USD indeed is going on right uptrend...Today it tested uptrend support.

So..how about breaking next Resistance level of 1360 of October 2013...First it broke 1300...now is 1360's turn. Hope so.

My understanding is that there's no big fundamental reason for gold to cheapen crazily..except today those who had buy positions on bottom sold big amounts.

Look.
Attached Image (click to enlarge)
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always draw trendlines
  • #2,726
  • Feb 26, 2014 10:44am Feb 26, 2014 10:44am
Quoting egyforex
what about pending order Entry SELL 1345 TP 1338 SL 1352 NEED YOUR ADVICE GUYS , ANY RECOMMENDATIONS ???
yeeeeeeeeeeeeeeh over 200 pip exit time , now im waiting to buy from 1317-1318 if reached today
  • #2,727
  • Feb 26, 2014 10:52am Feb 26, 2014 10:52am
Quoting egyforex
{quote} yeeeeeeeeeeeeeeh over 200 pip exit time , now im waiting to buy from 1317-1318 if reached today
Well done bro
To live a successful life, we must lose our fear of being wrong
  • #2,728
  • Feb 26, 2014 11:12am Feb 26, 2014 11:12am
I was stopped at 660 pips profit on my long...I am now short with a very small lead on the market so far. I suspect a large range may be forming at this level...could be a 300-400 pip range. Opportunities to trade inside the range on small time frames...

Again, I have no clue what will happen in the next few seconds much less the next few days or weeks. However, it is a common pattern to see a consolidation and range marking the end of a run. These ranges (if they are big enough) represent opportunities for short term trading until the range resolves on one side or the other.
  • #2,729
  • Feb 26, 2014 11:12am Feb 26, 2014 11:12am
World has stoped
  • #2,730
  • Feb 26, 2014 11:14am Feb 26, 2014 11:14am
Quoting tk5
Guys...we are all shocked by today's massacre..I also do have buys on top. But here's what I concluded. Things actually seems go on 'right pace' Look at your Daily chart. Look the XAU/USD indeed is going on right uptrend...Today it tested uptrend support. So..how about breaking next Resistance level of 1360 of October 2013...First it broke 1300...now is 1360's turn. Hope so. My understanding is that there's no big fundamental reason for gold to cheapen crazily..except today those who had buy positions on bottom sold big amounts. Look. {image}
The market reacted late to the positive news today which sent the price down late IMO. 1321.3 is the next level for which needs to be supported for the bulls to remain in play (short term anyway).

My outlook is still bullish and will remain this way unless I see a pattern change on my charts.

This new low of the day is possibly a good price to buy at and also a good pullback - even though the last two days rise has been taken out in one day. This was somewhat expected at some point or another, I don't think most buyers expected it so quickly however it is what it is.

I would just do as we have been saying on here for the last few weeks which is to trade light and safe and remain tight on positions.

My outlook is we need to retest the current highs before breaking lower (back below 1300). A rejection at 1340 indicates the bears have taken over the market. That is how I see it. If this just keeps dropping then it is a deep correction IMO. There must be a retest of the current high in order for this to drop to the 1280 anticipated levels.

At the beginning of the year there were reports that the end of 2014 will be priced at $1120 and other reports at $1800.

There is no definite target - PA is what it is and should be practiced accordingly.

I hope there weren't too many of you out there that got burnt up today.

I personally didn't expect this big of a move ahead. But again, if I did, I wouldn't of traded at the levels in which I did.
To live a successful life, we must lose our fear of being wrong
  • #2,731
  • Feb 26, 2014 11:17am Feb 26, 2014 11:17am
guys i shorted at 1333. should i wait for it to fall a little further or square up now. will be grateful for ur thoughts. Thnx
  • #2,732
  • Feb 26, 2014 11:56am Feb 26, 2014 11:56am
Quoting Closure
guys i shorted at 1333. should i wait for it to fall a little further or square up now. will be grateful for ur thoughts. Thnx
I strongly suggest you sto close! its going up and Asian markets to wake up and buy gold....
always draw trendlines
  • #2,733
  • Feb 26, 2014 11:59am Feb 26, 2014 11:59am
@nissan and @eatpips, is it to late, buy from 1330?
looking nissan chart, still hit sma
  • #2,734
  • Feb 26, 2014 12:03pm Feb 26, 2014 12:03pm
Quoting angelpatrici
@nissan and @eatpips, is it to late, buy from 1330? looking nissan chart, still hit sma
Im not gonna advise you on that either way.

However I am buying on dips still.
To live a successful life, we must lose our fear of being wrong
  • #2,735
  • Feb 26, 2014 12:04pm Feb 26, 2014 12:04pm
Quoting Closure
guys i shorted at 1333. should i wait for it to fall a little further or square up now. will be grateful for ur thoughts. Thnx
I expect price to test the high tomorrow news timebefore it falls. Better be safe and close your position.
  • #2,736
  • Feb 26, 2014 12:05pm Feb 26, 2014 12:05pm
Quoting EatPIPs
{quote} Im not gonna advise you on that either way. However I am buying on dips still.
thanks for sharing
  • #2,737
  • Feb 26, 2014 12:13pm Feb 26, 2014 12:13pm
Quoting tk5
{quote} I strongly suggest you sto close! its going up and Asian markets to wake up and buy gold....
yea i did thnx. hav to do with less profit but still better than loss.
  • #2,738
  • Feb 26, 2014 12:16pm Feb 26, 2014 12:16pm
Quoting tk5
{quote} I strongly suggest you sto close! its going up and Asian markets to wake up and buy gold....
I strongly suggest you don not "strongly suggest" in trades. Asian market may see the opportunity to sell. We saw first wave for now. As for me better to stay aside for a couple of days.
  • #2,739
  • Feb 26, 2014 12:23pm Feb 26, 2014 12:23pm
Quoting medvic
{quote} I strongly suggest you don not "strongly suggest" in trades. Asian market may see the opportunity to sell. We saw first wave for now. As for me better to stay aside for a couple of days.
thnx for the advice vic too late for me now but thinking of shorting small for the Asian session they do seem happy selling this week n this does give them a concrete reason to do more of it.
  • #2,740
  • Feb 26, 2014 12:58pm Feb 26, 2014 12:58pm
I am new member in forexfactory, I joined just few minutes ago, I really found the discussion in this division is very useful, however, I am still new in forex and I am very interested with Gold despite the lose we experiencing today, I hope people can reduce their lose and improve their position soon
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