I've been quite busy and on tight schedule lately and I barely could have time to update my blog but I'm Back!

Since Gold has been keep pressing to the upside I just want to make an update to my previous remarks about gold which you can read here: Gold Outlook

Since the risk aversion kicked in with the Ukraine crisis not only that I've been watching very careful what gold is doing but I've been trading it very actively. Right now I think that gold has already started for a big upside leg that can go to even $1500 big round number with a more conservative target of $1433 major resistance level. We have put in place a strong double bottom at $1180. If you watch correlation you can see that bonds and gold have been moving together this year.


  • Figure 1. Gold Daily Chart.

I've posted the other day on my twitter feed the chart from Figure 1 but at that moment we haven't broke that trend line which connects the 2012's highs. And I've said that I'm watching for a breakout and a close above which has already happened. My average cost on gold is at $1334 so I'm already in the green zone by almost $40, and I'm looking to scale in-out as we move the the upside at least that's my plan.

Best Regards,
Daytrader21
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