Friday, June 07, 2013

What about Gold

There were some major spikes yesterday in Gold thanks to that resurgence of Yen appetite. But let’s put that into perspective.

The 4 hour and the daily chart tell the story.

Gold 4h 2013-06-06Gold daily 2013-06-06

The 4 hour cloud supports, the daily cloud shows a clear stairstep pattern down and unless we close above 1471, the trend will remain down. Any cross of the Kinjun-sen above the Tenkan-Sen will be a weak signal, even if we might get a similiar pattern on the daily as seen on the 4 hour. It’s a bottom building pattern and that takes a lot of time to develop. We can see higher lows on the swings, so I will look to trade the dips to the upside for now. But I expect any advances, any spikes still to be sold heavily.

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