February 10th, 2010 - 13:00:23 UTC
Last week Gold was very volatile. All mentioned levels were overshoot intraday, however on the daily/weekly basis proved their reliability, so we still believe in current structural view, which also mainly based on daily/weekly closing levels.
We believe in higher Gold in the longrun, and prefer buying for position trades. Current support as was mentioned earlier are 1055/60 & 1025/30. Intraday support at 1074. Resistances – 1100/05, critical 1127/30.
Time frame for observation – daily/weekly.
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MI Forex trading
February 5th, 2010 - 5:32:02 UTC
Gold slided to the new lows even faster than we could expect following break of 1100/1095 noted earlier. Currently sitting on 1050/60 supporting zone. Very important supporting zone comes @ 1025-30 and mostly based on weekly closes. Decisive break below likely will let Gold to dip way below 1000 to the ~950 dollar per ounce.
Time frame for observation – daily/weekly.
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MI Forex trading
February 4th, 2010 - 12:01:12 UTC
Despite of the short term break daily/4H charts proved the importance of 1119-1125 region of resistance. Current price structure is a bit neutral and market is sitting on the balance point of 1100. Supporting zone located at 1095-1100. This needs to hold to keep bullish tone.
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MI Forex trading
February 3rd, 2010 - 18:55:12 UTC
Remaining EUR/USD and GBP/USD swing trade positions closed.
Recommend others do the same. Will look to re-establish or reverse later.
Cheers
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BH Forex trading
February 3rd, 2010 - 15:36:15 UTC
Recommending to take some forex gains off the table for GBP/USD and EUR/USD at this time. Can either take all off the table now or leave a trailing stop as this is a swing reaction trade .
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BH Forex trading
February 3rd, 2010 - 4:23:19 UTC
A quick glance at crude oil and gold would indicate that the USD weakness from Tuesday will see a short term reaction in opposite before the next primary directional wave can be determined. Selling short GBP/USD and EUR/USD may provide a decent opportunity to capture this opportunity.
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Rating: +2 (from 2 votes)
BH Forex trading
February 2nd, 2010 - 17:29:10 UTC
Shorted gold according the plan @ 1117.77, stop 5$
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MI Forex trading
February 2nd, 2010 - 13:01:20 UTC
Technically gold faces important resistance at 1119 level and may atleast correct lower if not resume recent downtrend from current levels… may affect recent USD consolidation in short term.
Current level – 1113, high – 1116
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MI Forex trading
