Posted on September 30th, 2009 No comments
Gold just recently broke the $1000 barrier once again, proving that it just isn’t comfortable under $1000. The $1000-$1003 range was the level of resistence I was looking to break in order to get bullish once again. In the opposite corner, the US dollar is breaking lower against most major currencies, especially the Canadian dollar.
At this point, technicals have me very interested in the commodity markets, where I will slowly be taking positions once again.
Posted on September 29th, 2009 No comments
Sorry for the delay in this post. I caught some kind of bug that had me stuck in my bed for the past few days. None the less, I’m back and better!
Okay, I hope everyone had a good ride with gold and followed my stops. If so, you should be on the sidelines waiting until gold makes up its mind. Right now we can either break up to $1025 or crumble into the $970 range. We might see some see-saw action until next week. Big events to consider will be the meetings with US and Iran, which should have significant impact on oil and dollar markets this Thursday. That being said, gold could follow suit depending on what the dollar decides to do. Keep your eyes open and keep trading!
Posted on September 21st, 2009 No comments
Buy: $1002 | Stop: $995 | Target: $1035 | Quick Target: $1018
Well it looks like gold is tightening up and ready to make a break lower or a break higher. Most of my expertise points towards a break to the upside once gold touches the $1000 mark. Although, if Monday stays in the negative territory and stochastics start falling downwards, we should see gold fall through $990-95 and thats where I will take all my bets off the table. For now, $1000 is a great buying opportunity and until we break below $990-95 I’m still a bull and I’m still buying! Happy trading everyone!