Gold review & ideas $GLD $GC_F

Goldfinger-2

Big range in Gold, too.

2011-11-13_2054_001

Longer term, support@

  • 1789-1782
  • 1778-1773
  • 1770
  • Below, more important support@1760-1752

Resitance@

  • 1793-1810, currently (6:53PM, ET) trading at Resitance

2011-11-13_2054

Furthermore, gold is overextended at these levels. Negative divergence between price action and orderflow, coupled with price probing in a previous area of sellers, favor a retracement, at least short-term. Even if upmove continues, I would not be a buyer here, due to the extreme readings.

2011-11-13_2059_0012011-11-13_20592011-11-13_2058

If interested in learning more, you can reach me @demianpack

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