Trading Gold 2009

[Atilla]

COT points to the bullish sentiment for Gold.
Non-commertials long 195.966 short 30.045
Commercials Long 90.051 short 286.411
CFTC Commitments of Traders Report - CMX (Futures Only)

In the coming week I shall be posting very little if at all, as I have to get few other things unrelated to trading in order, and on the top of it two of my computers which I use for charting Gold have been sent for service, making it harder for me to work on Gold this week. I still have the basic daily and DT and my trading platforms open, but I do some of my TA using MT4 which for that reason has been installed on the other computer/s. Gold looks to be trending well to the upside, but one has to remember that nothing goes in a straight lines, so some retracements are likely to occur. Be carefull to discern the differenve between a pullback and retracement. Retracement being a major move in the opposite direction of the current move from a significant area of S/R indicated by confluence of various Fibs, horizontal lines drawn from the points reached by price action, often confirmed by the bar formation/s, market rythm in relation to MAs, market symetry,and so on. The current situation is very uncertain and the capital is likely to be in things of value. In that respect Gold is a good candidate, especially when one can come to the coclusion that a 50 Pound note migh be less valuable then a 1Pound coin, as the 1 Pound coin has got some scrap metal value, or after drilling 2 holes it can be used as a button, while a 50 Pound note will not do well as a roll-up.
When the nation's printers are busy the inflation is inevitable.
Have a good week and watch the 1035 level on the Gold chart.
2be

Still watching gold very closely. Industrial demand as well as demand by consumers is down considerably at these prices.

Price of gold at these levels obviously purely speculatory as a hedge against banking crises and financial turmoil. Currencies of major producers falling in particular the dollar and the pound isn't helping either but fueling flight to gold safety.

I think 1035 is a possibility too. However, I have R2 @ 1026 and there is no reason why it shouldn't break above this level if 1008-10 is breached imo.

When ever I think gold is extended it just makes another high. Trend is up and unless some banks report some big mammoth profits this is not likely to change.

Lloyds and RBS results likely to be very interesting towards end of the week.

 

[2be]

Still watching gold very closely. Industrial demand as well as demand by consumers is down considerably at these prices.

Price of gold at these levels obviously purely speculatory as a hedge against banking crises and financial turmoil. Currencies of major producers falling in particular the dollar and the pound isn't helping either but fueling flight to gold safety.

I think 1035 is a possibility too. However, I have R2 @ 1026 and there is no reason why it shouldn't break above this level if 1008-10 is breached imo.

When ever I think gold is extended it just makes another high. Trend is up and unless some banks report some big mammoth profits this is not likely to change.

Lloyds and RBS results likely to be very interesting towards end of the week.

Mid to long term I am bulllish on Gold. This does not mean that there shall nor be some tradable retracements. The last COT is still bulish, there has been some porift taking, and longs have been re-established. I have found that on H1 72EMA and 21 EMA provide some usefull orientation. The 930 level is to be carefully watched, as there is still the possibility of an ABC corrective on Daily, if so Gold is now in the wave B. (if this is the case the wave C might target a 850 level or even lower, please take fibs related to the price projection of wave A to the poss wave C). There is also a possibility that Gold has started a new impulsive structure, in which case a faster appreciation is likely, and the 930 level is likely to hold. I am still not running on my full range of computers, shall post some charts when they are sorted.