At the time of writing this article/idea we don't think any position in gold or silver will be justified from the reward and risk measure
our profit taking on friday turned out to be a good decission as the usd index declined significantally and gold/silver are making upward movement,but the question is how much gold will rally before the decilne continues again?
for that we need to go to our usd index chart,let dive into it.us dollar has been declied to its february low or alteast closer to it but we really don't think it's going to mannifest,the most likely scenario which could happen is us dollar will find its support at the above mentioned trend line,it could decline to 89 before it soars again,we believe that our support line will trigger the reversal in dollar and it should be done with in a week or so,after that it will depend how the dollar moves(pace),in precious metals sector triangle apex technique always proved that it's the most important technique a trader can use if he works in precious metals trading,so it's something traders should always take into account,
gold upside target-The emloyment numbers are going to released on friday and it will make volatile price movement,before the decline continues friday can be the perfect day where it can trigger the final part of upswing before it plunges again,overall we all should be prepare for the soaring of gold before it declines again,but the real question is how much it will soar,gold could reach to the 1340 zone before it plunges,that's where the rising resistance line is,again let's keep in mind that there are too many long term bearish factors in play which will drive the price down,right now we think it's better to be out from market but as always we will inform you with precise target and stops once market will provide us any clue!!!
our profit taking on friday turned out to be a good decission as the usd index declined significantally and gold/silver are making upward movement,but the question is how much gold will rally before the decilne continues again?
for that we need to go to our usd index chart,let dive into it.us dollar has been declied to its february low or alteast closer to it but we really don't think it's going to mannifest,the most likely scenario which could happen is us dollar will find its support at the above mentioned trend line,it could decline to 89 before it soars again,we believe that our support line will trigger the reversal in dollar and it should be done with in a week or so,after that it will depend how the dollar moves(pace),in precious metals sector triangle apex technique always proved that it's the most important technique a trader can use if he works in precious metals trading,so it's something traders should always take into account,
gold upside target-The emloyment numbers are going to released on friday and it will make volatile price movement,before the decline continues friday can be the perfect day where it can trigger the final part of upswing before it plunges again,overall we all should be prepare for the soaring of gold before it declines again,but the real question is how much it will soar,gold could reach to the 1340 zone before it plunges,that's where the rising resistance line is,again let's keep in mind that there are too many long term bearish factors in play which will drive the price down,right now we think it's better to be out from market but as always we will inform you with precise target and stops once market will provide us any clue!!!
