Gold: The dailies still point lower

Carol Harmer Charmer Trading

GOLD

Same rule apply today....we are still short looking to cover down to 1281....Currently we will only re-sell below 1278...but as it is Friday there may be profit taking today....and therefore we will keep our running trailing stop now just above the DP located at 1288..

We would stay sidelined unless back above 1291....and even then I would want confirmation....As I mentioned earlier the longer term charts are still currently pointing higher...but again, these are slow moving thus just looking at them really....

The dailies still point lower...so we are going with them...To be fair we do have support all the way from 1283 to 1278...So it is a good idea, especially on a Friday and especially as we have been short from 1297 to take the profits.... There is no point speculating over the weekend....we can take another run at it Monday if we see the market start to move higher....

Now if we do break 1278 today....then obviously there is more to go on the downside and 1272/71 would be the next targeted area....Remember we have the DB intact still at 1266....so just be aware of that....

Gold Current Trading Positions

Sell 17%

Buy 83%

Avg Sell Price 1281.70

Avg Buy Price 1293.11

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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