Gold Commentary

Disclaimer: I'm not an analyst and I am wholly unqualified to give any financial or investment advice whatsoever. This is just a place for me to put my notes accessible from anywhere and for a few friends to discuss.

It's worth going long here. Since the recent high and a little bit of backing off, which usually lasts a few days, we've had nice positive consolidation and a sudden break through the very clear ceiling that existed on the two short term charts.

In actual fact I had to go off and manage my position. I got out here. But remember I'm still holding physical so I'm still long.  The intermediate/log chart now shows an up move. It looks like we've just moved up to the next trading range. Tentatively I'd say 1420-1440, but it's going to be choppy!

Gold Commentary

Disclaimer: I'm not an analyst and I am wholly unqualified to give any financial or investment advice whatsoever. This is just a place for me to put my notes accessible from anywhere and for a few friends to discuss.

This is what your candlesticks/ohlc charts obfuscate from view. Look how nicely this played out today after the failed fulcrum I spotted earlier. Serious resistance 1423.10, which, given the patterns would make a nice entry point just above. As I write though the market has backed off from this level.

1/2 point intraday

Yummy, crepes! God knew chocolate was coming when he invented bananas!

Gold Commentary

Disclaimer: I'm not an analyst and I am wholly unqualified to give any financial or investment advice whatsoever. This is just a place for me to put my notes accessible from anywhere and for a few friends to discuss.

Gold remains largely unchanged, a very shaky downward fulcrum completed and then failed on the 1/2 point intraday chart. Don't pay too much attention to patterns there though, as mainly this chart is used for entry timing.

1/2 point intraday

The drop close to 1410 has registered a down on my intermediate/long chart. The long chart has not moved but shows negative, my sentiment is still that we could see 1400 challenged. That said, it would be nice to see gold stable for a while and just range between 1405-1425 and solidify the position, so it's further moves would be more definitive.

5 point chart registers a downward move

Gold Commentary

Well, a nice little run down, the short position protected my physical ever so nicely. I'm not look for great profits here just security and that's what I got, I was stopped out when the gold jumped back up to 1416.

Currently my long term charts are showing negative (more negative than my last post). But for now, I've faced the dragon, here is on top of a mountain of gold:

See how far we are off the huge (and only showing the intermediate) uptrend. Those bubbles would worry me on a stock chart, but I see them all the time on gold. I think they're the shorts being beaten up by the market. The signs are negative for the very short term, positive in the long term.

Maybe we'll see a war zone around 1405. Will be interesting if any more positive US$ news (ahem!) can push through that level. It will be a fight.

Gold Commentary

Disclaimer: I'm not an analyst and I am wholly unqualified to give any financial or investment advice whatsoever. This is just a place for me to put my notes accessible from anywhere and for a few friends to discuss.

5 point chart shows we're 2 deep into the red

My long term charts (5pts and 10pts) are both showing negative signals. Gold touched a new high last week and typically weakens for a few days after such an occurrence. Overall I'm bullish on gold; it's nervously that I eye a short sell hedge to protect my physical.

Long term 10pt chart negative

1 point chart

As I write, the short term charts have shown a fight above the support level 1422.50, which was my short entry point (in fact I had to stop writing and went short at 1422.20). I expect we could test 1400 from here. I'll put my stop loss in at 1423.50. I'll increase my short position on any further strong downward signal. Looking for consolidation, or further short on any catapult.

1/2 point entry timing