Monday, August 29, 2011

Gold Hrly n 30 min

Gold is being a masive pain to trade right at this moment, with a tight range n no doubt low volume possibly exacerbated while London enjoys a Bank Holiday.
Hrly Chart
Overall I am short oriented on the slightly longer term, seeing the action of the down move 23-25th Aug, as being as yet an incomplete downtrend.

This chart Appears to me to be showing one of them "elongated S" things  and current Action COULD be an adam n Eve top on the shown chart, but until that green upsloping trendline breaks, well I Just don't know... Particularly as one can see a buy signal via the MACD moving averages as marked by ellipses n green arrows on Price and the MACD.
If I had my choices, I would also like to see an opposite such signal now... meaning a higher high on price and a lower high on the MACD Mavs.. not there yet.

Arr n just to highlight the "elongated S" thing, (reference from long winded blog), here's the 30 min with it mapped out (badly) using light blue line segments.

The minimum target for shorts here is the congestion around mid point of this pattern round the 1780 price level on this chart...

In the meantime, small possi still open short, most closed due to lack of patience on my part, perhaps a further opportunity to add may arise...



Resulting Price action Shown Here...

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