Tuesday 23 June 2009

All Systems Go Part 2 - Gold

Gold fell into the solid longer term buy area this morning in London time. We are currently $923 -
recovering with a potential spike low from $918 to $913.2. Let's see how it pans out from here. I am long at $919.7 looking for the longer term profile NOV08 to assert itself (target $1100). The SEP05 profile is also very bullish, having just moved its longest line up from $663 (target $1400).
When we get the confirmation that we are embarking on the next leg up we can refine the trade etc.
One of the problems with markets is that they don't always do what you want WHEN you want!
But I find these market profiles are excellent at achieving timing with good location.
Good luck!

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