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Reviewing gold futures this morning @ 8am est

-à cideways range in the white box tells us to buy the lows and sell the highs
-à Bullish Price channel which tells us the buy-side will likely be the high % trade today
-à We also notice the PHOD has been broken, and the PLOD has not. We always expect the PLOD/PHOD to
be price-magnets, and seeing the PHOD broken earlier this morning gives us a clue to support the
assumption of rising prices.
-à cideways range = anything can happen so I have no real directional bias.
-à We have very clear major resistance overhead at 68.5 and major support below at 1445.0
-à 


 



-à If price rises:
Êà celling first, buying second as price rises today
Êà celling the PHOD which is the highs of the wedge
Êà celling the highs of the range at 59.1 (higher risk), 65.0 is the high of the sideways market, and
then selling the highs of 68.5, 69.9, 72.6
Êà If prices keep rising sharply through resistance I will then consider buying pullbacks.
Êà I don͛t buy the highs
Êà If price drops
rà Beware the 1453.0 area is the top of the wedge below us, so this will be sloppy
rà Buying 1452.0 as support and the PLOD
rà Buying 50.9, 48.6, 47.7, etc with major support im looking to buy at 45.0 which is also
the low of the major bearish channel.
rà If prices drop sharply through support I will then consider selling a retracement
rà I don͛t sell the lows

830am est

-à Jobless claims come out higher than expected

-à PPI is flat
-à Crude trading around the 106.00 area so we are cautious
-à We have gold trading sideways and waiting for the speed to increase
-à We check the dollar index and the dollar is also sideways trading, but we notice the average true range
has higher lows and higher highs which gives us clues for wider ranges coming soon
-à co we know our patience will pay off b/c the ATR is rising.

925am est

-à We͛ve had three trades today, 2 scratches and 1 winner on crude oil
-à We͛ve had nothing to trade on the gold with very slow speed and in the middle of a wedge
-à Now the Uc open is here and we have crude oil finally above 106.00 area, and we know if we go back
down to 106.00 again we need to be careful
-à Let͛s take this opportunity to plan our trades on gold and crude oil
-à Gold Futures
Êà Price wedge and sideways market
 Êà If price rises im selling the PHOD and the highs of the wedge at 63.7, selling the HOD at 65.0, and
then selling the 1468.5 which is the highs of the channel.
Êà If price rises im selling first, then buying pullbacks with new higher highs above resistance.
nd
Êà If price falls im buying first, and then selling retracements 2 .
Êà Im buying 54.7 but beware that is the 34r BMT which is very sloppy
Êà Buying 53.2 the LOD and the lows of the channel.
Êà Buying 52.0, 90.9, 48.6.
-à Crude Oil Futures
-à We see a new wedge pattern form on the 34range chart.
-à We͛re at the highs of this wedge and we have major support just below us that we must break before we
can sell these highs

1000am est

-à We finally got some new highs above the PHOD on gold and crude oil and we made money buy buying
pullbacks at new swing highs.
-à We will now look to see where price goes next͙.will it keep rising? If so, buying pullbacks, or will it
reverse and head back down? If so, selling retracements and selling at resistance.

1030am est

-à We͛re waiting for Nat Gas Inventories to be released

-à Meanwhile we͛ve had a very busy day, lots of pattern, and trading from lows to the highs on crude oil.
-à We need to pay close attention to the personality of the market, it͛s clearly charged after 10am est today
-à It feels like the buyers on gold and crude oil worked cO HARD to push price up to the highs that now the
markets are exhausted and looking for a break, or some more direction from the news @ 1030

1045am est

-à We have a definitely different market than we saw @ 900am this morning, so lets be careful

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