Technical Analysis of Gold

Does it bother anyone on this thread that gold is a political/central bank tool.

 

..and it would be better if gold was ____ instead.

(That's the part you forgot.)

 

SAR moved to BE. Fireworks about to begin, looking like a great short entry here.

 

I did not forget anything ... I chose my words very carefully.

But don't forget that you are under no obligation to respond to the question

 

Shorted gold on 50% retracement

http://screencast.com/t/ODJhMjFjMD

 

i am far from being a gold bug but one thing is almost certain and that gold will not go lower without rates going higher.

going short gold is certainly a bullish call on economy which may be right but i would be careful here. just imho.

 

This is just a technical day trade not a long term postion trade based on fundamentals but the continued strengthening of the DX is supportive of my short position. I believe as long as the DX rallies that gold will be under pressure. I believe that weekly support around 1075 level will be retested, not saying when though.

 

Would you be willing to explain how you use the LRC on the 144 tick chart? Thanks.

 

Any explanation here would be unfortunately incomplete. Here is a link to an excellect article that explains use of the indicator. I personally use it on time based charts and tick charts in more than one fashion but most commonly as a statistical model in a reversion to the mean approach to trading.

http://www.investopedia.com/articles/trading/09/linear-regression-time-price.asp

 

Should have followed my intuition

Late to post so take it for what its worth. Reversed at 1104 in the overnight. Stop is now at todays HOD. 1112.50.

Target 980.