Suggestion that I've found helpful.Checkout -...

Suggestion that I've found helpful.

Checkout - http://www.iepstein.com/ExternalApps/Full/FuturesTV/FuturesTV.aspx

Look at the midday metals report and pay special attention to what he has to say on gold and the stochastics.

They have been in an overbought status for gold for over 3 days, well and truly embedded so he says that any pullback is a bear trap.

What makes it interesting is that silver has been embedded for the last 3 weeks or so, and just look at the rise it has experienced. It certainly seems that gold is ready for another rise, despite many saying its due for a pullback.

Target for this leg - I'd say would be around last years highs if it remains embedded. Key resistance is 990 so that will determine if it comes out of its overbought status sooner rather than later.

Interesting to watch though. Are gold stocks showing that a pull-back is imminent, or are they pulling back and just bear traps themselves? I like the sound of the later personally.

Happy trading all.