Gold is forming a base around 1645 and the Wave 1 rally is intact. We have moved our stop up (subscribers video for details) and remain long from 1662. We are watchnig 1643 support.
Gold has resumed its rally and has climbed above the 1662 high of 12 Jan. We have opened a long position at 1662 with a stop at 1600. Targets for this rally are contained in todays video to subscribers.
Gold has retraced 23.6% of the rally from the December 29 lows and appears to be bottoming here. We will watch for further signals that the rally is about to resume and look to re-enter the market long.
Gold rose quickly once the 1640-1645 resistance area was breached and hit a high of 1662 yesterday. A reaction back to lows around 1635 was well supported and we have raised our stop to 1630 accordingl, banking $66 of profit on this trade.
Projected wave counts and targets for this wave are included in todays video to subscribers.
Gold has continued to grind higher and is pushing through the resistance area at 1640. It is also positive that gold is holding above its 200 DMA. Next upside targets are detailed in todays video for subscribers.
We have raised our stop to 1625 to lock in $60 of profit on our first trade of the year.
Gold is this morning pushing through the resistance area at 1640 which tends to suggest further gains in this rally. Also positive is that gold is back above its 200 DMA which will interest longer term players.
We will look to trail our stop up to lock in more profits on this excellent first trade of 2012.
Gold is moving higher again this morning though the 200 DMA is proving a difficult hurdle to overcome and 1640 is further resistance above that. A failure to move decisively above this resistance area could prompt a wave of selling, we have moved our stop up to 1600 to lock in more profit.
Gold continues in a pattern of higher highs and higher lows as the market approaches our first resistance area of 1640. We expect a test of this area this week and will trail our stop up to lock in profits.
After bouncing strongly off the lows at 1596 yesterday, gold is now holding above 1620. Gold has yet to overcome the 200 DMA which bears watching, however we expect 1640 to be the next resistance area. Long from 1564, stop at 1590.
Gold is continuing to rally as we anticpiated and our position is now showing a healthy profit. We have moved our stop up to 1590 to lock in some profit and protect our capital. Our expectation is a test of 1640 in the next few sessions.
A good start to the New Year!