Thanks shrips. I trade the 1hour and fully suspected the AU to roll over around 9200 (from the hourly). It hasn't. From the daily I had a higher neckline resistance target of 9330 - will look for this level if 9220 holds to close remaining shorts. It has to break 9280 though, and 9252 is also significant. We are into a resistance band starting at 9220 to 9390 with an uneasy market with a resources tax looming - so the going might get tough.
Time wise I'm not sure but it's close. The US are going to inject themselves with QE2.0 which will boost equities and commodities again. AU at 9390 as a topside without QE2.
3 steps forward, 5 steps backward yesterday. I could have closed out shorts but didn't. Dagg-blinking-rabbit!
Copper is rolling over and has peaked. I have good shorts on copper that remain open and will keep them.
Using the VIX below to assess equities (and hence in current market both commodity and risk currencies) - it holds the key on timing. Lower gap not yet closed at 21.4.
When VIX rolls up from 21.4, I will build shorts on peaks in SPX, copper and AU. This is one of the better sets ups for shorting I think. I jumped in too early with AU so I still have a day or three to watch out for as AU hasn't broken down yet.
VIX - 1 hour, note the setup and gaps
Falling channel, into bullish falling wedge, with open gaps
(VIX is inverse to SPX)
AU Daily - the bigger picture for me
AU Hourly - long is the trend until it breaks, is it breaking? A daily close below 9220 might still say yes.
But I take your point, that's for sure.
