Considering that I trade gold all the time, and mostly from the long side per my system in gold, it is rare that I take a trade in gold based on my charts (like I do in every other market). But, alas, I see a possible trade and it's from the short side. Here it is...
Gold has come back quite a bit since it's sell-off in June. It's right at the fib. retracement levels between 31 and 62%. It's above 50%, so some might not feel like selling, but per my trend line, it's right there at resistance and the Stoch are around 77. A sale of YG near the close of today's price of 661 would be perfect, but I would wait to see where we trade tomorrow.
As I have said before, I NEVER enter a trade per a daily chart. I always look futher intraday for entries. In this case, looking at the 60, 30, 15 and 5 minute charts to fine tune entries, or to find ways to dissuade short entries is smartest.
Intraday today, there was a huge spike up to around the $664 level....ideally, a sale around there is best with stops somewhere close above there.
Good luck trading.
Andy
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