Daily update Monday 20th January 2014 PENDING GOLD ORDERS/GOLD SIGNALS SHORT GOLD @ $1262-1264 STOP @ $1272-1274 1 TARGET @ $1224 RISKY SHORT AS GOLD COULD JUST BLOW THROUGH $1274 ***VALID FOR MONDAYS TRADE ONLY*** If you didnt exit your short before the weekend you can leave your stop @ $1274 target of $1224 still valid. A move up through the down trend line @ $1264-$1267 would be bullish and target higher and would indicate a reversal of the cycles and lock in a short term bottom @ $1180. I am setting a short @ $1262-1264 stop @ $1272-1274 1 contract target @ $1224 valid for Mondays trade only / Risk $10 FOREX ORDERS SHORT EUR/USD @ $1.35850 STOP @ $1.36500 TARGET $1.34700 1 contract until the choppy moves stop. GOLD UPDATE Gold moved higher and didnt get the rejection off $1246-$1248 I was looking for. Gold was closing right near the highs off the day which I have written about before is bullish. It means the bulls are confident with price action and willing to hold the position over the weekend. Bulls are bullish and anticipate price going higher on Monday. This is also the case when price closes the week around the lows of the week. Bears are confident with their positions over the weekend and anticipate price going lower on Monday. Gold could easily hold under $1255 and fall back. In that case I can still re short on Monday. I would rather take the $9 hit and move to the side lines and pick it up again on Monday. Gold could also blow through $1255 on Monday and make a higher high around $1264-$1267 then pullback. A daily close over $1265 is bullish and would indicate the cycles have reversed and a run to $1322-$1325 possible which I wrote about earlier in the week. Golds run higher may have some things to do with German regulators investigating gold-fixing process and Deutsche bank quitting gold price-setting as regulators investigate. Along with reports JP Morgan - Bottom may be in for Gold call reuters/article/2014/01/17/deutsche-gold-fix-idUSL5N0KR19G20140117 This might be why JP Morgan has been buying all the physical gold they can get and also getting out of the gold trading market months and months ago. They have been taking most of the deliveries of physical gold. Now a bottom may be in. Not bad work. Sell gold all the way down telling everyone not to buy gold its a bad investment while buying all the physical gold they could get their hand on and now the bottom may be in for gold. So they can now ride gold all the way back up. I have been writing for a while they know something is coming and have been buying gold all this time. Maybe this investigation into price fixing or something even bigger is coming like a stock market crash this year sometime. FOREX UPDATE EUR/USD UPDATE EUR broke support of $1.35800 on Friday and fell to support around $1.35170. EUR is looking week and any bounce back to $1.35700-$1.35800 I will short with a target of $1.34600 x 1 contract until the choppy moves stop. EUR has been less choppy compare to GBP/USD AUD/USD and USD/JPY. GBP/USD UPDATE GBP/USD I have been writing about all the choppy whipsaw moves in GBP. Friday was another one of these moves. UK retail sales was 2.6% Vs 0.4% exp. m/m. A massive result and all the shorts got squeezed out with a spike from $1.63100s to $1.64600s. a 150 pip reversal. The chart was bearish and GBP looked like it was about to fall hard which is why everyone was short. I was flat on GBP with all the choppy moves. I mentioned in Fridays update that solid resistance was @ $1.63800 and then @ $1.64500 but with the wild swings in GBP nothing would surprise me at the moment......WOW did it surprise to the upside. Massive reversal. I not sure on the move here. GBP still closed just under the 20dma and resistance @ $1.64500 pretty much held. Chart still bearish and with EUR and AUD under pressure, I expect some more wild swings in GBP before the real trend takes hold. I am staying out of GBP until I see a solid trend take hold. Once the choppy whipsaw moves stop I will look to get back to trading GBP AUD/USD UPDATE AUD fell more on Friday. I am still looking for a bounce to short. A bounce back up into the $0.88200-$0.89000 area still possible then back down towards $0.85000 and even $0.80-$0.81 on the cards. The lower the AUD goes the better for Australia so expect even the reserve bank to talk down the AUD more. Waiting for a bounce USD/JPY UPDATE USD/JPY closing right on the 20dma again. 3 days in a row. Chart is neutral as you can get. Traders unsure if USD/JPY fails here and moves back down or moves higher targeting 106+. USD/JPY can go either way. I would like to see some solid closes over the 20dma and a run to 106 is possible. Waiting for a move in either direction to trade. Happy Profit everyone !
Posted on: Mon, 20 Jan 2014 00:49:24 +0000
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