GOLD: week13
Updated
Hi Guys,
at the end of week12 price exited the distribution channel started in week9 and dived from 200SMA to built what IMHO is a short term support just a little bit above 1285 with 50SMA pushing down and stopping the pullback right at 1300. The pull back may extend into the 200SMA following divergence with RSI on Friday but only if 50SMA is crossed and re-tested for the upside during week13. AToW it is not the right time to enter such a move yet though. Plus, I don't see it happening. However need to be prepared.
If 1280 do not hold next stop may be 1265.
Let's wait and be patient.
I don't feel confortable entering any trade on Monday. I am sorry. Gold maybe still be looking to push for the bottom of the handle as referred to in the related ideas linked below. Lol
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
at the end of week12 price exited the distribution channel started in week9 and dived from 200SMA to built what IMHO is a short term support just a little bit above 1285 with 50SMA pushing down and stopping the pullback right at 1300. The pull back may extend into the 200SMA following divergence with RSI on Friday but only if 50SMA is crossed and re-tested for the upside during week13. AToW it is not the right time to enter such a move yet though. Plus, I don't see it happening. However need to be prepared.
If 1280 do not hold next stop may be 1265.
Let's wait and be patient.
I don't feel confortable entering any trade on Monday. I am sorry. Gold maybe still be looking to push for the bottom of the handle as referred to in the related ideas linked below. Lol
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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