Posted on May 7th, 2010 by navstock

Spot Gold Daily 11 May 2010

On the intra day chart we had a nice setup for long. There is one medium size  top channel to bottom channel down bar towards the end. More often than not they reverse back the other way especially when the trend is strong in a longer time frame. For those who like more risk a trade can be taken with a close on the cross  back of the mid.

Spot Gold Daily 11 May 2010

Commodities can move around a bit and gold has been on a long run for a while (checking monthly charts). We have not been given  any convincing short positions so you would have to be wary taking one when the price is strong and the economic conditions are unstable. More usable setups will be found intra day or in the longer term.

Spot Gold Monthly 11 May 2010

For those who are more interested in the longer time frames there has only been one long entry in the last year or so. For most of the time Gold has stayed north of the mid so no real reason to exit just yet.

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