Tuesday, September 08, 2009

Technical Picture - Gold Pauses

Markets gapped up on a weaker $USD with energy (solar)/commodities leading the session. Gold gapped wide and participants took profits as prices tested resistance. Solar may have bottomed - FSLR and ENER had impressive runs today.

I closed my swing trade in ABX as price gapped wide and immediately started to fade. I entered long on an ambush setup, but after breaking out of the Fib. retracement zone, it started printing lower highs and fell back in. Scratch the long and short.

As you see from the wider view below, ABX is on the edge of the retracement zone so I'll be looking for a long/ambush trade to setup tomorrow. If you missed the BO last week, this could be a good opp.

1 comment:

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