1400 appears likely now, with support @1347.
Looking now at resistance 1391, then 1400. Support is at 1296.
1338 looks like resistance here. I'm placing support in the 1296-1300 area.
Silver broke higher today which is good. We want to see it outperforming Gold, but then commodities in general are moving higher. I still want to see a successful retest of the 150dy mav, but i don't know when that will happen. SLV, the silver ETF has a fibonacci target around 22.23. I sold 1/2 my SLV Mar 18 calls today at 3.00, a dbl and will no hold the rest with no risk. Any thoughts anyone has I would appreciate.
All in today! Bullish articles galore! Wait for a pullback to 1295-1300, then get long..Weak longs will probably be shaken out.
Nice break above 200dy mav and CCI goes into overbought territory. Wait for a pullback to add to long positions.
Long term shorts liquidated as GLD penetrated a PSAR on the weekly chart. 1304.50 is the 200 dma, so will watch the reaction at that level.
150dy has stopped declining and is now flat, but we still a nice volume break above it. It's currently at 1294.80. I'd also like to see silver participate, because in a bullish phase it usually leads. We haven't seen that yet.
Since I have a bullish cross on the "daily" chart, I have started to cover some of my short ETF position. We could get a move back to 150 dy. Just managing money.
Just getting into trading gold , any advice ?
What will you trade XAUUSD or GLD? How much capital do you have? Do you know anything about TA? You need some methodology for trading and rules to follow.