Gold Trading plan, Buy the dip November 2015 – Los Angeles
With the world in a slightly precarious position with Russia and the US squaring off for Dog fights over Syria and Turkey, Europe invaded by refugees, and China in the US playing Chicken over an island with an air strip you would think that gold would be skyrocketing like all the closet crazy economists have been saying (for 3 years). But gold is not playing. Gold is not playing by the rules which everyone is expecting. In fact gold has just showed us the the Key resistance of $1200 is not where it is going and that there will be a squeeze and stop run to a lower support.
Today we started with just over a 2% sell off and have slowed as we moved into the Japanese open where the BOJ Bank of Japan has announced it will not be easing for this quarter. Boo hoo, the US has to get another patsy for stock buying and currency devaluation.
Needless to say, it does look like we could be consolidating in a $150 range that could be quite profitable if you can buy on the dips and sell into the resistance. Gold trading is very risky and you can have a lot of exposure defendant on your leverage and how you manage your risk. It is best you have a Gold Trading Plan.
$1132 is a major decision point for Gold. We can consolidate in this range or if sellers step in, we could see a move back to the psychological $1100 and possibly a move to previous swing lows around 1077,
Watch for slow periods, most traders get caught in a dull market. This is where we can see agressive buyers move in and blow out any short sellers. If we do break below $1077 then watch for a move for a full extension that could test to the $1000 area. I don’t see anything pushing the market this far. But be forewarned, when gold price action slows down, it is normally to break to new levels. The last two and half weeks have been slow. We are just approaching the resistance on this bearish trend so watch your risk.
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