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gold.jpg

Update on the daily spot gold chart. Perfect flag. Mostly green climb.

Comments

ClawsClaws
Now its wiping its feet on the mat at 1157.5 / 1158.0 like a bull that's about to charge at Torero. Torero knows what that's like. 12/29/16
ClawsClaws
The tricky part now is: 
(i). Will gold spot break upwards through 1160 in the next half hour; 
or 
(ii). Will it drop back down to draw an even bigger flag on the hourly chart? 12/29/16
ClawsClaws
And the answer to my questions is that it did both. Well, not quite in the next half hour because had to wait an hour between Globex and Sydney but it moved up to 1163 area and then it dropped down savagely to the 1150/51 area. Was not expecting that at all but when you draw the lines of support it is rationally testing the 1151 area. It would have been easier to read if it had not moved up first. It was a head fake and a slam dunk. 12/30/16
ClawsClaws
The other problem is psychological. After seeing a slam dunk like that, finding the confidence to climb back on board without waiting to see what is going to happen first is really hard and by then the best part of the gain will be gone. Because it usually snakes around a bit then moves when you least expect it. 12/30/16