Gold has blasted through the 6 year highs

Carol Harmer Charmer Trading

GOLD

Gold has blasted through the 6 year highs and just self fed itself reaching 1439 today.. because Gold has ranged we are seeing drastic overbought indicators currently...So where now.. As you can see I have posted the monthly chart of Gold just so you can see what we have done...This move has taken 5 days...but it is looking like there will be a good close for the end of the month...

Now this move in Gold has been quite ferocious but now we have taken out 1405 there is a good chance that we have seen a base in Gold...so although there might some backing and filling down towards 1410/1405, I think that we should buy on dips...

Standing in front of speeding train at this point looks a bit premature....although there is resistance from 1439 to 1444...If this holds then we can short Gold looking for a pullback...It is unusual for Gold to make such a large move without a correction...1405 was the break point....so I think this is where we can come back to...

I was waiting for 1380...but this isn't looking likely at the moment...but if Gold really is going to trend 1380 would be the last line of defence and there will be buyers down at these lower levels...

Now if above 1444 1463 will be the level that will entice prices higher...

Gold Current Trading Positions

Sell 25%

Buy 75%

Avg Sell Price 1317.50

Avg Buy Price 1327.36

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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