profit taking in Gold

I took some profits last night in June Gold as it hit first targets in the $945-$950 area, I have some offers in just below the $960 and $970 levels - the May 1 UPprofile has been in control and still targets $970 for this move. Upside may get sticky now though as daily stochs & RSIs are getting high & potentially overbought -$955 looks like good resistance. There could be a pullback to $935 before $970 is hit. Keep the powder dry and look to reset longs for longer term move to $1100 - remember medium & longer term Gold is very bullish above $920.......

short NEXT

I am short NXT shares from the high 1500s looking for a distribution lower below 1400 to 1386, then 1367 & 1309. Stop is well defined - building value above 1535 to 1550 area. This is part of my general theme - sell stocks espec retail, housing, banks & buy miners, precious metals .........
I wax & wane between inflation taking all stocks higher in nominal prices which is the end result - inflate or die & stocks getting crushed first.......gd trading.

The May 1st Up profile in June Gold continues to act bullishly. Yesterday's brief spike down to $913 was perfect ( Luckily I didn't experience the temporary pain of feeling long & wrong!) because it hit the TPO point exactly & bounced! Now we watch $926 to see if the longest line will move up - another 2 hours or so needed, so after London go home.... I am off this afternoon to umpire & score my U13 cricket team so Happy trading & still long Gold and looking for higher targets ........

the objective analyser

BTW later I'll tell you about the short I've got in NXT and the profile set up there.........

Just a quick update on the bullish June Gold profile - good support comes in between $917 and $913 - a break below for > an hour or two would be of concern - otherwise it's just shaking of the
tree, getting some bulls off the ride - still on for $936, then $945, then $956-$960 for this move.
Also support is we have had the average $15 range for the day already. So day traders can buy $921-$918 and sell $926 and $930.

good trading

the objective analyser

All systems go for Gold

Some very interesting things are happening in the Gold market. The short, medium, and long term are all slotting into alignment in a bullish set up. This is an unusual situation as it is far more normal to have one time frame working in the opposite direction of the others. It is also favourable that the news coverage has abated and gold has taken a back seat to the equity rally, bank stress tests etc.
Nevertheless from a pure profile point of view, just looking at the demand supply imbalances, the short term as represented by the April 20 date for starting the profile is bullish above $913 with a target at $960 .
The next timeframe is the bearish move from the Feb09 top -this profile is now bottom heavy and bullish above $919 with a minimum target of $936. So the recent correction is seen as over. Medium term Nov08 up profile is also solidly bullish with a target of $1111 - probably within the next 6 months. The move since November has also served to turn the bearish profile from the Mar08 high bullish, so the big correction from that first move above $1000 is also over. That now has a target of slightly above $1100 as well.
Finally, the biggest battle at the moment in the Gold market is close to resolving itself. The long term Sept05 profile has been developing 2 competing longest lines - at $663 and right here $920. If $920 takes over which is happening (and will be confirmed by June), then it lifts the lid on the upside, with a target of $1400 as the Sep05 profile becomes an unbalanced profile rather than a balancing & mean reverting one.
Happy trading .

the objective analyser