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NTrading "Gold Journal"


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NTrading "Gold Journal"

  #91 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
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Buyers stepped in again during the overnight session and may test the micro bull/bear zone at 1225.2-26.5.

GC appears to be forming a larger balance area, with the top of balance at the 1236 zone and the bottom at the 1214 zone.

Today's Bias: still remain Bearish-Neutral (short-term) -meaning shorts are in our favor, with caution on long positions

Heading into the open, there may be a larger balance forming. Initial support will be at 1219.6-1221.0. If GC breaks below initial support, then GC may want to retest the 1213.4-14.6 support zone and may ignore the 1216.8-1217.8 zone. Below the 1213.4-14.4 zone there starts to be stronger support where buyers can be active. Areas of support include 1209.4-10.7; 1208.1; 1203.3-1203.9

A break above the micro bull/bear zone at 1225.2-1226.5 may attract short-term buying, but with reservation. Real time analysis will be required to see the strength of the buyers. Sellers may still be found at 1228.3-1229.2. Buying conviction through this zone can can bring GC up to test minor resistance at 1231.2-32.2 and upper balance resistance zone 1235-36.9, GC could be extended at this point. Additional resistance can be found at 1238.7; 1241.5-1242.2; 1245.9-48.2.

Economic News: 7:30 Jobless claims may bring in volatile price swings

"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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  #92 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
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  #93 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50


GC continues to be trading in a sideways range, with the top of balance at the 1236 zone and the bottom at the 1214 zone.

Overnight, GC traded above the 1225.7-26.7 resistance zone, which will now act as support. GC continued higher, and found responsive sellers active at 1228.7-1229.7 zone.

Today's Bias: Bearish-Neutral -meaning shorts are in our favor, with caution on long positions

Heading into the open, we are aware of larger balance forming. GC is also trading close to larger time-frame channel which could attract sellers. Initial support will be at 1225.7-26.7. If GC breaks below initial support, then GC can move swiftly down, (only if there is a failure above initial resistance 1228.7-29.7) . There is minor support at 1222.7. A break below that, buyers could step in at 1219.9-1221.0. Minor support can be found at 1217.4 and then the bottom of balance at 1213.4-1214.6 where initiative buyers could be active. Other areas of support include 1209.4-10.7; 1208.1; 1203.3-1203.9

A break above initial resistance zone 1228.7-29.7 is larger time-frame channel along with resistance at 1231.9. Real time analysis will be required to see the strength of the buyers. Caution for a false break out. Sellers may still be found at levels above initial resistance. Stronger resistance is found at 1235.0-36.9. GC could start to be exhausted above this zone. Additional resistance can be found at 1238.5; 1241.5-1242.2; 1245.9-48.2.

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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  #94 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #95 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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No Trading 5/15-5/17 Out of Town. Will return with trade plan and zones 5/18

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  #96 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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Yesterday, we saw a continuation move higher into resistance zone 1261.8-63.5 where sellers became active. Overnight GC balanced, finding buyers active at the 1253.7-55.3 support zone.

Today's Bias: Bullish; avoid taking any short set-ups

Heading into the open, we know that buyers are in firm control. GC may be short-term exhausted and there may be some profit taking today. However we have to expect buyers to be active at every zone, including the 24-hr mid and VWAP. Avoid all short set-ups today. Initial support may be found at 1258.6 along with support at the 1253.7-1255.3 zone. A break and hold below that, there is support at 1248.9; additional support can be found at 1243.3-1245.1; 1241.4; 1235.3-37.3.

Above initial support there is fairly strong resistance at 1261.8-63.5. A break and hold above that there is resistance at 1265.8-66.4 and 1269.7 where GC may be short-term exhausted. Additional resistance can be found at 1271.6-73.6; 1278.8-1280.7 which is a gap edge that sellers may try to defend.

Economic News: 7:30 Jobless claims may bring in volatile price swings

"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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  #97 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #98 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50

Yesterday, GC found sellers active at stronger resistance zone 1260.7-1263.2. Buyers defended stronger support zone 1243.9-1246.4

Overnight, GC traded higher, above the stronger support zone where it is finding resistance at 1253.7-1255.3.

Today's Bias: Bullish-Neutral -meaning longs are in our favor, with caution on short side

Heading into the open, we want to maintain our bullish bias, favoring the long side. Initial support can be found at 1243.9-1246.4. This is stronger support and would expect this zone to hold. If initial support gets tested and fails, support can be found at 1239.1-1240.9. Below that, there is stronger support at 1235.9-1236.9 where buyers can still defend and would be short-term exhausted.

Initial Resistance can be found at 1253.7-1255.3. This is where GC broke down from yesterday. A break above this zone, GC may trade and test resistance zone 1260.7-1263.2, which is stronger resistance, but was tested yesterday. Above that is yesterday's high at 1265 and additional stronger support at 1269.7-1272.8 where GC can be extended.

Economic News: none

"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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  #99 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
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  #100 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
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Last week, we saw sellers defend stronger resistance at 1263.1-65. GC balanced the remainder of the week and Friday closed as an inside day, confirming indecision between buyers and sellers.

Overnight, GC remained neutral and balanced below the 1255.8-1257.7 zone

Today's Bias: Bullish-Neutral -meaning longs are in our favor, with caution on short side

Heading into the open, 1255.8-1257.7 will be used as initial resistance. If GC shows "lack of buying" then this may attract sellers causing GC to trade lower and may find initial support at 1251.0-51.8. A break below that zone could show continuation lower and find minor support at 1249.2-49.6 and test support zone below at 1245-46.1 where buyers are expected to defend that zone. At that point, GC may be short-term exhausted.

Above initial resistance is stronger resistance zone 1263.1-65.0. Sellers may still try to defend this zone and may need a "catalyst" to break above this. However, a break and hold above this zone, GC can find resistance at 1268.4-69.6 and 1272.8-74.5. GC may be extended at this point and may find sellers active.

Real time analysis will be the focus for today, being selective on our trades, and trading at good location.

Economic News: none

"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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Last Updated on March 6, 2018


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