Not having traded gold before, I thought it's well past time I had a look at the charts to see what all the fuss is about.
Normally I like to keep my charts very simple and "clean" but gold defeated me and so the chart below is quite busy - particularly for one of mine.
Anyway, if my analysis is even close to correct, gold has temporarily peaked at US$922.30 or thereabouts and is due for something of a pullback. Mind you this retraction from the recent high need not be long, nor deep: short and shallow like the mating of Goblins!
Below is my weekly Gold for those who are interested. As you can probably tell I'm a swing or position trader and not a day trader. Comments much appreciated! Regards
- HBG Trade the market you see - not the market you hope for!
