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NTrading "Gold Journal"

  #71 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #72 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50

Today's question. Did GC trade low enough to find the buyers needed to take GC above ~1288? GC tested the 1262-63 zone several times, but did not get the response I was looking for. GC may have to trade into larger time-frame support at 1257.9-58.9 or down to 1249.5-1250.6. That doesn't mean it has to, but as a speculator, we need to keep an open mind to possibilities.

Overnight, GC found support at the 1264.3-1265.1 zone. GC is trading above yesterday's mid, but below yesterday's high.

Daily Bias: Bullish/Neutral (longer-term)
Today's Bias: Neutral (short-term)

Heading into the open, 1266.3-67.3 will be used as initial support. If GC breaks below initial support, it is possible that GC can trade aggressively lower to larger time-frame support at 1257.9-58.9, 1256, or 1249.5-1250.6. Any zone below initial support can still attract buyers, but GC has been trading sideways for a few days now.

Above initial support there is initial resistance at 1268.5-1269.3 which is minor. Above that is the 1270.5-71.5 zone which is stronger resistance and sellers could still be active at this zone. Breaking above this zone will attract buyers and GC can trade to the 1277.1-78.1 zone which is stronger resistance along with the 1279.2- 80.2 zone where GC could be short-term exhausted. This zone marks the gap edge. Larger time-frame support at 1282.8-1283.8 and the gap would be filled at 1285.4-1286.4 zone.

Economic News: 7:30; 8:45; 9:00
Caution to today's 7:30 news. It may bring in short-term volatility. Best to be flat just before and after.

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #73 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #74 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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GC continues to trade in a tight, sideways range. Overnight, GC found responsive sellers at the top of balance at zone 1271.8-1272.8. Sellers traded GC below Friday's low where it found support at 1262.5-1263.2 zone, which is just above the lower balance zone. GC still looks to be putting in a pullback from from the 4/11 break above balance

Daily Bias: Bullish/Neutral (longer-term)
Today's Bias: Neutral (short-term)

Heading into the open, 1262.5-1263.2 will be used as initial support. If GC breaks below initial support, there is stronger support at 1260.7-61.7, which has been tested a couple times already. It is possible that GC can trade aggressively lower to larger time-frame support at 1257.8-58.9, or even 1255-56, where GC could be short-term exhausted. If GC shows continuation, additional support can be found at 1252.8-53.9, and 1249.5-50.6 Any zone below initial support can still attract buyers, but GC has been trading sideways for a few days now. Caution on a swift move lower, only to find buyers and trade GC back through the attempt to go lower. (false break-out)

Above initial support there is initial resistance at 1263.9-64.9. Above initial resistance, GC can easily test 1266.9-1267.5. If sellers want to stay in control, they would have to defend this zone. A break and hold above that, there is resistance at 1269.2-1270 and upper balance zone at 1271.8-72.8. We have seen a volatility swing overnight to the down side. A break above the overnight highs, (upper balance) could bring in swift buying and test 1277.5-1278.1 and 1279.2-1280.2 where GC could be exhausted to the upside.

Economic News: 7:30; 8:45; 9:00


"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #75 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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No recap yesterday-computer issues

Yesterday, GC broke below a three-day balance area after a failed attempt to go higher. GC may be completing the pullback after the break from April 11th.

Overnight, GC remained in a tight balance, finding support as yesterday's low.

Daily Bias: Bullish/Neutral (longer-term)
Today's Bias: Neutral (short-term)

Heading into the open, 1254.9-55.6 will be used as initial support. If GC breaks below initial support, there is a HVN at 1253-53.2, which can act as a launching point to trade higher. Below that, there is support at 1251.3-52.1. Breaking below the 51.3-52.1 zone would question the attempted break on April 11th. Additional support can be found at 1247.1-1247.7, 1245.0-45.8 and 42.5-43.2

Above initial support there is initial resistance at 1257.5-58.6. A break above initial resistance, GC can re-test the 1262.7-63.5 and 1264.2-65.1 broken support zones. If GC breaks and holds above these zones, GC can move aggressively higher. Resistance can be found at 1268.6-69.7 and 1271.6-72.3, top of prior balance where it can be short-term exhausted. Stronger resistance can be found at 1277.5-1278.1 and 1280.6-1281.5.

Economic News: none today, however, the market may balance or re-test prior breakdown, waiting for FOMC tomorrow

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #76 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #77 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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Yesterday, GC traded in a tight, narrow range. GC is setting up for a big move.

Overnight, GC followed that same theme, trading in a narrow range just above yesterday'ls low.

Daily Bias: Bullish/Neutral (longer-term)
Today's Bias: Neutral (short-term)

Not much has changed with the zones for today. Many of the zones created were based off of a lower volatility environment. It is likely that some of the zones can be ignored based on the news reports today. Market context and larger time-frame structure will be today's focus. I would expect the 7:15 ADP report to be a catalyst for inducing volatility into the market early and would expect the market to balance out before the FOMC report at 13:00.

Heading into the open, 1253.0-53.7 will be used as initial support. If GC breaks below initial support, there is support at 1251.1-52.1. Breaking below the 51.1-52.1 zone would question the attempted break on April 11th. Additional support can be found at 1249.3-1250.3, 1247.1-1247.7, 1245.0-45.8 and 42.5-43.2. Larger time-frame buyers could be active at any support zone.

Above initial support there is initial resistance at 1254.7-55.2. A break above initial resistance, GC can slice through the 1256.7-56.9 and find resistance at 1257.8-1258.6. Breaking above the 57.8-58.6 zone can put the buyers back in control and would expect a re-test the 1262.7-63.5 and 1264.2-65.1 broken support zones. If GC breaks and holds above these zones, GC can move aggressively higher. Resistance can be found at 1268.6-69.7 and 1271.6-72.3, top of prior balance. Stronger resistance can be found at 1277.5-1278.1 and 1280.6-1281.5.

Economic News: 7:15; 9:00; 9:30; 13:00

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #78 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #79 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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Overnight, GC continued lower, finding support at the 1230.9-33.0 zone. GC is trading just below yesterday's low.

Daily Bias: Neutral (longer-term)
Today's Bias: Neutral (short-term)

Heading into the open, 1230.9-33.0 will be used as initial support. There is a good possibility that buyers will defend this zone. If GC breaks below initial support, there is support at 1225.3-27.2 Breaking below the 25.3-27.2 zone would continue to attract sellers. Minor support at 1221.2. Additional support can be found at 1210.2-1212.1 and 1197.7-1198.8

Above initial support there is yesterday's low at 1236.4 and initial resistance at 1238.7- 40.4. A break above initial resistance, GC can test 1245.9-1248.2 and the breakdown zone at 1254.6-56.1, where GC could be exhausted.

Economic News: 7:30; 9:00;

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #80 (permalink)
NTrading
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Last Updated on March 6, 2018


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