target was reached directly and gold reversed soon after the hit.
Daily Trading Strategies on Gold/Forex
- Thread starter Gold Trader
- Start date
currently, gold is just trading within a tight range between 629~ 615.
i believe only short term traders can take advantage of it. otherwise, it will be a disaster for long term traders
i believe only short term traders can take advantage of it. otherwise, it will be a disaster for long term traders
Is gold likely to break over 630? Seems to have broken above daily downtrend line. Any chart evidence for break? 
Quote from TorontoTrader2:
Is gold likely to break over 630? Seems to have broken above daily downtrend line. Any chart evidence for break?
currently, gold is too overbought. another reason is there are some holidays in the us. for those reasons, gold would only be trading in a tight range in this week i think.
but weekly pattern is a kind of bullish. so, in the medium term gold would be going much higher.
gold is breaking out.
we can long today i think.
we can long today i think.
What do you make of any correlation between Gold, Oil, and the Euro? I heard that gold and euro *tend* to follow each other?
And oil?
to answer the last...
gold is , to some extent, an inflation play.
it is a refuge to safety (a concrete asset vs. the dollar which is merely based on trust since the gold standard was evaporated).
when most people are talking about the EUR, they are talking about the EUR as related to the $$$, as in EURUSD.
if EURUSD is going higher, that means one Euro is buying more dollars. dollars are worth less in regards to the EURO.
if gold is going higher, that means an ounce (or any quantity) of gold is buying (can be exchanged for) more dollars.
so, to put it briefly - yes, there is correlation.
if ANY commodity is going up in price, that means (basically) that less of that commodity is equal to $1.
that's what inflation means - your dollar buys less of "stuff", whether that stuff be food, commodities, cars, or whatever.
similar commentary could be made regarding the oil contract.
i think people need to ALWAYS understand that correlation =/= causation
however, it is certainly true that smart traders can capitalize on intermarket divergences and/or foreshadowing to make an intermarket play.
gold is , to some extent, an inflation play.
it is a refuge to safety (a concrete asset vs. the dollar which is merely based on trust since the gold standard was evaporated).
when most people are talking about the EUR, they are talking about the EUR as related to the $$$, as in EURUSD.
if EURUSD is going higher, that means one Euro is buying more dollars. dollars are worth less in regards to the EURO.
if gold is going higher, that means an ounce (or any quantity) of gold is buying (can be exchanged for) more dollars.
so, to put it briefly - yes, there is correlation.
if ANY commodity is going up in price, that means (basically) that less of that commodity is equal to $1.
that's what inflation means - your dollar buys less of "stuff", whether that stuff be food, commodities, cars, or whatever.
similar commentary could be made regarding the oil contract.
i think people need to ALWAYS understand that correlation =/= causation
however, it is certainly true that smart traders can capitalize on intermarket divergences and/or foreshadowing to make an intermarket play.
The Toronto Stock Exchange hit record highs today (it is weighted towards mining, resource stocks)
www.tsx.com
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www.tsx.com
__________________
Please, I'm not a daytrader, I'm an "Intraday Liquidity Provider"
1-888-TRADEUP
i think gold would be breaking out to upside.
it would even approach 640 today i believe if gold didn't fall below 628.
it would even approach 640 today i believe if gold didn't fall below 628.