Thursday, July 21, 2011

Gold $GC - Is the top in?

Many have been asking this question on the way to $1600. It depends on your time frame I say. In the long run probably not. But in the short term it looks like GC has found resistance @ 1600 and may be ready to cool for a while. Look for some choppy and unpredictable pattern trading at first, but then a pullback to major moving averages. No close below daily 8ema for 12 sessions in a row. Should it go, 21ema @ 1560 along with prior resistance-now-support from 6/22/2011 high would be a nice target. So you got 2/3 risk reward ratio here. Ain't for the most conservative trader, but not bad for aggressive ones. Good luck!

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