gold is in a tight trading range. and i believe it woul be preparing for a breakout. it would be on either side. my current directional bias is becoming neutral at this moment. closing above 578~580 in 1hr chart would be a potential upside move. closing below 571~570 in 1hr chart would be possible huge downside move. current price @ 576.5 directional bias - neutral
current price @ 574 directional bias - slightly down if you short, hold short with stop around 578. it is to capture the b/o short @ 571 stop @ 575.5 long @ 578 stop @ 573.5 good luck
current price @ 576.5 directional bias - slightly bullish if you are long at 580, stoploss would be around 574. if you are short, you would have been stopped out around 578.
correction: if you are long at 578, stoploss would be around 574. currently gold is showing strength to upside breakout. it could even happen during asian session.
gold moved strongly as expected. there is a high probability of moving higher next week. current price @ 589 hold short with stoploss around 584 area.
as much as I want higher prices and more than likely higher volatility in the metals unless the Euro and oil markets cooperate and move higher ... the gains in the metals will be limited next week or even retrace the higher prices seen late friday oh heck ... maybe the XAU big caps will rally with the SPOOS and the spot metals - futures will tag along for the ride