December 08, 2011 4:24:29 PM by
Peter
US Spot Gold CFD Trading: 1740 (7AM)
Yesterday we were chatting above the Impulse wave down to 1700 and then looking for the abc 61.8% retracement to 1740, the price is here now, so we can just wait for confirm wave structure down. Drawing the line in the sand for a safe trade short, it’s best to wait for the price to move lower in the impulse wave and also get locked under the 1720 the pivot in subgroup1 (SG1).
On the flipside the long side, the more the price builds support on 1730 and basically stays above 1720 then the market remains positive, if the support is strong enough, that is three retests then we can consider scaling in long looking to add above 1750 the next level.
At this stage the wave count is bias down we just need to wait for confirmation the rally is completed, with the general plan to add under 1720 and then again under the 1700 as retested resistance
Silver:
US Spot Gold CFD Trading CFDs Report