Gold daily Analysis

Carol Harmer Charmer Trading

GOLD

Gold hit the 1344 area and w sold it up there...covered lower...and its gone lower...Now the reason for selling 1344 was the DT evident on daily and weekly charts...and also the previous reaction high was 1346...Now I can see everyone getting excited about Gold but I cannot stress enough...there is huge resistance at higher levels...Huge....and since 2013 it has not been able to break...

It is at 1385/87...we haven't got past this since 2013..now it is not a coincidence that the monthly 38.2 Fib lurks there...so please...take notice..I have seen many buy into strength up at these higher levels just to get it smacked back at them as it fell out of bed...There are massive sellers up at this higher level...It has been like a game to them....get everyone long and smash it lower...they are taking profits...how do I know...I know !....that's all you need to know....So....we all keep thinking that this time they will let us past 1400...that's fine...if they do...I do not have a problem buying above 1400, but I have traded Gold many many times over the years...and I know unless we negotiate past this...the market will fail....History repeats itself....and those sellers are still there...Don't forget these guys have bought Gold all the way to the lows...Now over this period...the lows have got higher...this is on the monthly timeframe...the lows are getting higher...but still I am sceptical...Look at the monthly timeframe...and you will see what I mean....stay selling the top towards 1377..buy down to 1315/13...that's the range atm...

Gold Current Trading Positions

Sell 35%

Buy 65%

Avg Sell Price 1292.85

Avg Buy Price 1311.26

Liquidity Distribution

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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