Gold is clinging to the uptrend line coming in at down to 1196
Gold is clinging to the uptrend line coming in at down to 1196....We have the weekly S1 from Pivot Points @ 1198....and the daily S1 @ 1195....so there are 3 good reasons to buy Gold at lower levels we have the order in....we just need it to drop a smidge lower....or buy @ market if it doesn't get these within the next hour...
Gold has come down a lot from being contained by the 200 week MA @ 1234...Yes I know we went higher...but only to our 1244 target and we never closed the week above the 200 wk M/A and that told the story...Personally I like Gold....I like it down here..even tough we have rejected some good resistance...I am not saying I will hold it until 1244...but I think at these lower levels we could get a good bounce even back to the 1218 area...which we all know and love...
Now the only glitch on the horizon is this...we are below the WP @ 1217.....and the DP @ 1203....but I think there is a good chance of returning to this point, especially today or 2mrw....ad also the weekly charts do look a bit dire...which is why we are leaving tight SL on our long Gold...Yes...we bought it @ market @ 1196.75....Now as I am a great believer in trendlines and PPs....I will run this unless we do take out 1192....If we do this then Gold should retreat further to 1180....I am hoping this is not the case...and that our Gold goes skywards over the next few sessions....As Gold and Euros used to go hand in hand back in 2010 era I have noticed that we have started to come back to that scenario a bit....We haven't for a long time...in fact its gone the opposite way over the years....but I still think Gold will be looked upon as a viable currency by many and therefore if the currencies do puke....Gold should trade higher...that's my view...and as long as we hold designated support levels I am all for buying at these lower levels...
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