Gold 19 1 10 Hunt volatility Flag Break Out upside Imminent

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Category:

News & Politics

Tags:

• Gold
• 19
• 1
• 10
• Hunt
• volatility
• Flag
• Break
• Out
• upside
• Imminent

[TheMarketSniper]

Hi Edgegame,

I do not believe this dollar strength will last forever, I am unconvinced, We also have the Eur likely to weaken further as other Southern Med states wobble, Greece certain to get some form of bailout.

So few currencies look great, This will help Gold. Technically speaking we touched a low of $1074 but just stayed off for now. It could hold in my opinion, but even if it didn't I can't see it going far. I believe at a long term macro trade your decision is a good one.

[edgegame]

Hi Francis,

Thanks for replying and the great videos!

What are your thoughts on silver medium to long term?

[TheMarketSniper]

Hi EG,

Currently I think we may see further Dollar strength for the Short term.

Having accpeted that the Break direction was incorrect in the clip.

For Gold, Commodity and 'non Dollar' Currencies to be bullish I would like to see Gold stay above $1074.

However Euro is weak and is a great short, Short term even the AUD looks weak to the USD & Yen the current strong currencies.

We may have an extended countertrend push from the USD beyond previous support.

[TheMarketSniper]

@TheMarketSniper Depending on your entry point and trade size, I would be tempted to hold on. Gold is holding up OK against the EUR.

[TheMarketSniper]

@TheMarketSniper Depending on your entry point and trade size, I would be tempted to hold on. Gold is holding up OK against the EUR.

[edgegame]

Thanks for the update Francis,

I see Soros chipping in at Davos today to make things possibly worse! This really seems to be a testing time for gold.

Looking forward to your next update! Where do you see Gold going more medium to long term? I'm just a simpleton going long gold bullion - is this wise?

Regards

Nick (edgegame)

[TheMarketSniper]

However I am uncomfortable with being counter trend at high leverage, so do not.

[TheMarketSniper]

in most instances the markets says 'barring any thing really unforeseen' we will go up.'

In this event they underestimated the underlying possibility Obama would change persona and come out all tough on FS companies.

Say 1 in 10 does this as the market opinion is normally just waiting for clearance to go up is not given that which is expected.

Technically speaking there is scope to have stop trades at the key levels both short and Long.

[TheMarketSniper]

Hi edge game,

Good question.

The more recent consolidation mini triangle definetely pointed to a Break Out in some direction, usually these are in the direction of the dominant trend.

These holding/continuation patterns often set up around key news events,

[edgegame]

was this breakout scuppered by Obama's announcement? Or something else?