Monday, July 18, 2011

Daily and Weekly Gold Chart Analysis 7/18

(Chart 1 - Gold Daily)
(Chart 2 - Gold Weekly)

1600 has fallen, like so many psychological resistances of the past in gold.
We are currently trading 1601.

Here is my "intelligent" commentary:

The orange daily/weekly uptrend is very well defined.
We are at the upper 1/4 of it currently (high is 1629 today)
Gold faces significant resistance at 1620-1640.
Although I think it is still very bullish, it doesn't present trading value as a buy for me.
1620-1640 can be sold if hit today or tomorrow, but i would use low leverage/risk if at all.

Regardless if you look to enter a sell, or a pullback buy, wait for 60 min candle confirmation before entering a trade!!!

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