TradeApe

Gold Outlook week 27/3

COMEX:GC1!   Gold Futures
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Not a hugely exciting week, but the overall trend is still more bullish than bearish . For me, the line in the sand is at around 1233.8 with a last backstop at around 1228. Above I'm looking for long entries mostly.

Possible entry levels I watch are 1233.8, 1241.5, and 1248. Having said that, a strong rejection at 1248-1250 would also make me consider a quick short stab if bear price action picks up around that zone.

A break of the "line in the sand" make a retest of 1200 likely...a level which is also the last unbroken point of control.

A strong break of 1248-1250 confirms the prevailing up trend.

Cliffnotes: Considering shorts at previous highs around 1248-1250 should bear momentum pick up there. Long entries at 1233.8, 1241.5 and if there is very strong bull momentum also 1248. Short at around 1233.8 if there's a clean break to the downside. Maybe best to wait for a retest & failure of 1233.8 from below should it break through south.

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Tend to agree. I initially thought max low would be towards the 61.8% fib at 1237.35 but after Friday's close think it may break through that and head toward the 50% fib at 1229.18. I've just realised I'm quoting spot price and you're charting futures but the principle is the same. I favour your 1233.8 target for another long on futures. Enjoying your charts, thank you.
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