You asked for a timeframe and I made up a within a week and we did get above the high edge of the envelope, 1375, within the week, only 4 TD days to the 15th of Feb. (a little soon than June for your 1380 we were there on the 16th.)
We've been above 1385 today, the 17th. 1391.50 to 1394.70 is doable very soon with some possible resistance at 1394.70 level.
Glad to hear you kept some - good trading!
If it can get above 1375 on a close you could go long.
3. What is your time frame for targets above?
Gold is completing a strong up week at 1386. The closest resistance is
seen at 1393, the high from the week of Jan 10, followed by January
high 1423. Long term Gold trend line support is seen at 1307. The
market is starting to look toward record high 1430 against the backdrop
of Silver making fresh highs."
It's a shame you had to unload most of them.
I don't see going short.
Of course, you could be correct - but it is a riskier trade than going long on pullbacks to the uptrend. Perhaps you re-reading your earlier posts about seasonal demand etc. would be of value - for you. Ask yourself has anything changed? If anything you have the additional factor of middle east/northern Africa tensions.
Kitco has a lot of commentary and a daily video that could give you more input. Kitco EXCLUSIVE
Those who have been gold bulls and have taken heat since Jan will now be more bullish. Targets of 1500 will be revisited. It broke its old high so if you wanted to wait until after Friday you could see how the weekly close is and then decide over the weekend - as no doubt many others will do.
Aquarian, the reason why I am thinking of shorting is because when gold hits new highs in March, it has this habit of not being able to make new highs anymore for the next 3-4 months. Last night actions in GC were chaotic, there were huge lots being dumped at every attempt to climb up in price.
Yes, this is an extremely risky trade considering the price of oil and the situation in Middle east. Gold might explode upward if the situation takes a bad turn.
After dipping down into the area below the peak it finished decently for the week.
Seasonality is good to bear in mind but not enough to undertake a trade, IMO.
I would wait until the uptrend is broken and a downtrend confirmed if I were to short.