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  • Gold Target for Week of June 15

    Posted on June 15th, 2009 4 comments

    Signal: Neutral Sell

    Sell: $935 | Stop: $941 | Target: $920

    Earlier in the week I can easily see a break down to around $919, at this point we should hit heavy support and bounce back into our uptrend. If $920 doesn’t hold we can see gold eventually hit $865. I’m more optimistic on seeing a nice bounce once gold hits $919-$920. If I’m trading this, I’d be short around $935 with a stop at $940. I’d take my gain around $920-$925 depending on my risk tolerance. After that, I would definitely get out of all my short positions.


     

    4 responses to “Gold Target for Week of June 15”

    1. what about 2day?

    2. Right now gold is hovering around $935. We’ve already made a break lower to about $925-26 earlier in the week where we bounced right back to $935. The dollars gains are about 1-2 points from a technically topped out zone. I’d be very careful with gold at this point. I’m going to be sitting the sidelines until I see where the dollar goes.

    3. Gold has just broke into an uptrend. I would take all short positions off the table at this point. We had an open for profit taking at $925 earlier in the week, I hope everyone followed properly and made some money!

    4. thanks Chris. fully on baord with your analysis. -troy

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