Every strong uptrend you catch, like a surfer catching a wave, is one small step closer to quitting that day job you hate.
The latest run up in gold has more going for it than just gold seasonality.
Gold seasonality is the second half increase in gold starting on August 1st and ending early February of the following year. In late July gold tends to bottom and then start powering higher as autumn gold demand builds worldwide. The big seasonal rally in gold occurs between late July and late September. In October there is usually a pullback, and the next big seasonal rally occurs between November and February of the following year.
But this latest upward move in gold is supported by more than just seasonality.
August 12th 2010 is when the technicals first signaled an uptrend in gold at 1210.
The idea is to let our profits run, while getting out of losing positions quickly. That's one of the key components to successful trading is to let your profits run. So let's look at a possible upside target.
You can draw a neckline at about 1215 on a bullish inverted Head and Shoulders pattern. If you take the low point of the head which is 1170 and you count up to the neckline at 1215, that's a 45 point move. Now if you add 45 to when the neckline was closed at 1215, you get 1260. That's our target area. This 1260 target also is the June highs. What I will do is I may set my target to sell at just under the 1260 level to exit before a Handle retracement occurs on the giant Cup pattern that gold is currently forming.
It looks like gold is set to challenge the 1260 high. This can potentially be a Double Top and gold will head back down or it could break through 1260 in which case we're off to the races.
Whatever happens, the trend in gold is clearly up.
In the short video below, the master trader Adam shows you what he likes about gold and where he sees it headed.
Every strong uptrend you catch, like a surfer catching a wave, is one small step closer to quitting that day job you hate.
The latest run up in gold has more going for it than just gold seasonality.
Gold seasonality is the second half increase in gold starting on August 1st and ending early February of the following year. In late July gold tends to bottom and then start powering higher as autumn gold demand builds worldwide. The big seasonal rally in gold occurs between late July and late September. In October there is usually a pullback, and the next big seasonal rally occurs between November and February of the following year.
But this latest upward move in gold is supported by more than just seasonality.
August 12th 2010 is when the technicals first signaled an uptrend in gold at 1210.
The idea is to let our profits run, while getting out of losing positions quickly. That's one of the key components to successful trading is to let your profits run. So let's look at a possible upside target.
You can draw a neckline at about 1215 on a bullish inverted Head and Shoulders pattern. If you take the low point of the head which is 1170 and you count up to the neckline at 1215, that's a 45 point move. Now if you add 45 to when the neckline was closed at 1215, you get 1260. That's our target area. This 1260 target also is the June highs. What I will do is I may set my target to sell at just under the 1260 level to exit before a Handle retracement occurs on the giant Cup pattern that gold is currently forming.
It looks like gold is set to challenge the 1260 high. This can potentially be a Double Top and gold will head back down or it could break through 1260 in which case we're off to the races.
Whatever happens, the trend in gold is clearly up.
In the short video below, the master trader Adam shows you what he likes about gold and where he sees it headed.
Every strong uptrend you catch, like a surfer catching a wave, is one small step closer to quitting that day job you hate.
The latest run up in gold has more going for it than just gold seasonality.
Gold seasonality is the second half increase in gold starting on August 1st and ending early February of the following year. In late July gold tends to bottom and then start powering higher as autumn gold demand builds worldwide. The big seasonal rally in gold occurs between late July and late September. In October there is usually a pullback, and the next big seasonal rally occurs between November and February of the following year.
But this latest upward move in gold is supported by more than just seasonality.
August 12th 2010 is when the technicals first signaled an uptrend in gold at 1210.
The idea is to let our profits run, while getting out of losing positions quickly. That's one of the key components to successful trading is to let your profits run. So let's look at a possible upside target.
You can draw a neckline at about 1215 on a bullish inverted Head and Shoulders pattern. If you take the low point of the head which is 1170 and you count up to the neckline at 1215, that's a 45 point move. Now if you add 45 to when the neckline was closed at 1215, you get 1260. That's our target area. This 1260 target also is the June highs. What I will do is I may set my target to sell at just under the 1260 level to exit before a Handle retracement occurs on the giant Cup pattern that gold is currently forming.
It looks like gold is set to challenge the 1260 high. This can potentially be a Double Top and gold will head back down or it could break through 1260 in which case we're off to the races.
Whatever happens, the trend in gold is clearly up.
In the short video below, the master trader Adam shows you what he likes about gold and where he sees it headed.
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