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TFC Commodity Trading Forum

Re: Feb Gold/Testing Resistance/Lee *PIC*

I just trade regular trading hours as that's where most of the trading is taking place. I never trade or pay much attention to night trading as that is nothing but a lot of hanky panky between the sharks and a lot of speculators trying to make a quick buck. And what occurs at night often is not reflected the next day so just don't spend time on it. And I don't have preference during the day other than ignoring the open price and the 1st 1/2 hour when all the wild eyed Gold Bugs are buying. That's when I always sell any Gold position in the 1st 20 minutes to the Gold junkies that need their early morning fix. After that I just look for price support and resistance points. I never found exact times during the day that helpful either. Just the price chart and support and resistance pts along with the odd oscillator confirming divergences. Doesn't matter what time of day it is for me. Meanwhile Gold has resistance at 1625 and must clear that to expect a jump up to 1670 to 1700. Not a lot of resistance after 1625 so is important to clear it on a 'close'. Gold has been acting very bullish the last few days with DX being so strong plus with some good technicals on Gold and Gold stocks. Meanwhile resistance is resistance. DX should back off here bumping up against strong resistance at 81.50 which should see inverse markets rally. Important price points now with many markets. And everyone and his dog is short the Euro. The chart suggests with DX at important resistance another b.s. story out of Europe will see DX pull back somewhat and the Euro rally to trash all the Euro shorts. Just like Charlie Brown and Lucy with the football.