I think that there is a good chance Gold made a low today. if we do continue lower and close below todays low then 1262 spot is the next support level and That one really should hold. But as of now I am long 1 gold and staying with it.
Why do you think we made a low today. I'm thinking better to sell highs than to buy lows. This looks to me to be a falling knife. Hope it works out for you. But when all you have is hope....
JMHO
Gold Charts
Gold 3 months:
Gold 1 year below
Looks like I was wrong. Gold did take out yesterdays lows.
... quick, get on all of your your telephones and tell your clients that the Duke Brothers are starting to accumulate all
of the gold in the world @ 12-44.40 an ozzie osbourne... time stamp a ticket.
... you won't see this as well with a long-term line chart as a candle stick chart would show...
Richard
Every trader is wrong at some point. We are not perfect. But what is important is did we learn anything. Can we look back and say I thought this because....or I thought that and i did this...Or my work was flawed ... or I broke one of my trading rules... or this happened before and I need to change my rules or plan... or maybe this is just one of those times when the plan didn't work, no silver bullets....Am I blinded by being in love with a position and blindly trading.
Only the trader his self can answer these questions.
Best of trades to you
I got out yesterday and I had an order in to buy back in at $1264.0 basis Aug. My indicators are telling me we are close to a low. obviously the US$$ keeps pushing to new recent highs and we could continue here. Staying flexible.
I'm glad I got back into gold Friday early morning and I am still long and looking for much higher prices by year end. Maybe even $1,400 or so.
I'm looking for a high at the down trend line from the highs of 4-11 and 6-14 at approx $1300. Which would be a shorting opportunity.
JMHO