July 27, 2011 5:34:56 PM by
Administrator
US Gold Futures 1615
The small pattern sitting on 1610 over the last few sessions is corrective a small abc three swing pattern, therefor the price should push up from here. Remember is the top of subgroup1 (SG1) 1630 finds support then this action psychologically separates itself from 1600 and will become part of the 1650, which is a MediumLevel (65)
In terms of trading its mostly always the same, that is trade from the level 1600 in this case to 1230 exit, wait for support on top of SG1 (retests) then move back in through the micro group1 and trade 1650, in most case the next level is the Midpoint 5, which is the second strongest number after 1.
Silver has retested support on ML4/40.00
CFDs Gold Report- from the EarlyBird