Gold – Sitting In the Middle

(Click on image for larger view) Hi All, A quick update on Gold. Gold made some interesting progress since my last commentary on 2nd Feb (see article). Looking at the chart above, price broke pass the soft support (~1336) which I mentioned earlier and made higher highs. Price is also channelling nicely upwards and it’s…

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Gold – Facing A Great Battle

(Click on image for larger view) Hi All, A quick update of the precious metal. As you can see above, Gold is testing a fairly strong level at the moment with a few confluence of factors including a 62% Fib (a golden ratio), Old support turned resistance and a classic divergence. On the flip side,…

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Gold – Higher Or Lower?

(Click on image for larger view) Hello Traders, Just a quite update on Gold. Looking at the bigger picture (weekly chart), price is currently testing Resistance level (~1325). Meanwhile, we’ve seen the double bottom at 1180. Will this metal move higher? Or will it fall lower back into it’s long term downward trend? Let’s see…

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Gold – Sitting Between Support and Resistance

(Click on image for larger view) Hi All, Just a quick update on my favourite commodity. Looking at the chart above, Gold is currently facing some intense Resistance – Trend line, Hor Resistance and a price action wedge pattern. All these versus the almighty 1180 Support level – which I’ve pointed out on the 6th…

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Gold Facing Strong Support

(Click on image for larger view)  Hi All, Just a quick update on Gold. With the start of the new year, this precious metal should see some clearer directions. At the moment, Gold is testing a long term horizontal level (~1180) and it looks like a double bottom in the making. While I don’t know where…

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Gold – When Gold Meets Support?

(Click on image for larger view)  Hi All, Since I highlighted the rising wedge pattern on the 29th Oct (see article), gold has been falling according to my plan. Price also broke the short-term support, as mentioned on the 13th Nov (see article) and it moved even lower. Price is now heading back to where…

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Gold – Will Gold Make a New Low?

(Click on image for larger view) Hi All, Just a quick update on Gold. After I spotted the wedge pattern on 29th Oct (see article), price went in my favour and I still have a short position as I write. Planning ahead again, price is about to test its previous low (purple line) and the…

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Gold – Breaking Out of the Wedge?

(Click on image for larger view) Hi All, Just a quick update on Gold.  Looking at the 4 hour chart above, it looks like price is in a rising wedge pattern. This is what I believe about patters – the more price consolidates, the larger the break out. Nonetheless, we never know in which direction…

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Gold – Watch Out for the Mess

(Click on image for larger view) Hi All, Since my last commentary on this precious metal (see article), price did go in my favour BUT it did so very reluctantly. As you can see from above, price has been pretty choppy and the bulls & bears are in a clear tug-of-war even though the bears…

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Gold – More Short Confirmation

(Click on image for larger view) Hi All, Looking at the Price Action on Thursday. A break and retest of the near term upward channel to move south was just a good short opportunity (on Friday). While some were probably nervous about the long bull trend bar (on Wed after FOMC statement release), that was…

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