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.
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| 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.
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| Long term 10pt chart negative |
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| 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.
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| 1/2 point entry timing |
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