

The first two charts are dailies of Gold and the
USD. We have an inverse relationship between the two. Friday the $
USD rallied hard and gold sold off.
The next two charts are the 5 min. and 1 min. of
AEM a Canadian gold company.
AEM opened weak and attempted to retrace. Each attempt was on low volume. After the second attempt, we had an inverted C&H type setup. I shorted and covered when price carved out a base from which to retrace.

After a 38% Fib
retracement of the swing high to swing low,
AEM carved out a double top on the 1 min. timeframe, the second of which formed a bearish
tweezer top. I shorted the
trend line break and took a partial at base and covered the balance as it formed a second lower base.

Here's a
good article on Gold, commodities, and
inter-market relationships. The
USD is likely to retrace back to its
trend line soon (83-85 resistance). That will an opportunity for long gold.
No comments:
Post a Comment