24 % a month trading Gold

[yunny1]

@luistercer0

as soon as Central Banks give up printing money,

You said " as soon as" but even as I write they are printing money like hell… FED is printing, BoJ recently printed money and is about to print more, BoE is ready to print money, ECB is print money thru the Bond program, Czech National Bank is ready to ease, in South America (Perú, Chile, Colombia, Venezuela, Brasil) are printing money to intervene the FX market, China has a fixed exchange thru money printing, SNB is printing money to defend its floor, even Iran is printing money… So the facts are that Everybody is printing money. FX is a supply/demand market… more fiat money supply…gold is up.

Only when they stop (unlikely in the short term) we might see Gold go down…

@luistercer0

Gold won´t be “safe currency”…

Gold has been a “safe currency” no matter what market conditions, since 700 BC, so its is very unlikely to change in the next few months…

@luistercer0

and sooner or later, the world economy must give us signals of recovery.

Well, what is the world economy?? America economy? Europe economy? because thanks the commodity boom some countries are outperforming the global economy… Can China be the next economic power?

@luistercer0

technically, gold has not reached new highs since september 2011. I think is near to stop rising, because of the chanell it is drawing, which is a signal of its weakness at this moment.

Nice chart but I don’t see any weakness yet… price is taking off and testing short term resistances… no confirmation of a swing low yet

and by the way, price can go in the channel again…that is bullish signal… actually they are right now again within the channel…

My chart:
Tools used: Weekly Chart, S/R, Fibo, trendline

http://i1086.photobucket.com/albums/j449/yunny11/eurusd140.png

Will I go long right now?? NO, but for sure I won’t go short either… Kudos for those who went long at around 1640

[luistercer0]

Will I go long right now?? NO, but for sure I won’t go short either… Kudos for those who went long at around 1640 :D[/QUOTE]

I am with you. It´s not time to sell. But I think it´s neither time to buy. this week it couldn´t break this resistance at 1790-1800. Price seems quite tired at this point. It has tried in three times. And in this last one, it has given us important information: a pair of big dojis and a shooting star.
And it´s true that Gold has always been “Safe Currencie”. But I think when USD get stronger towards CHF, JPY, EUR, most of the people (banks, funds, Gobernmets, I do not kwow who the helll pull the strings of this world…) will safe his earnings in USD, but I will not get short until 1500.
Yunny1, you will probably have more arguments than I with macroeconomics, I know nothing at all about it, but I do not trust Gold will be rising forever…
But the Market, sooner or later, will give us the answer.

[dudest]

IMHO, Gold is currently in a range (on Weekly TF) and is now at the top of the range.

Anything can happen from here (none of us knows for sure).

Whatever happens though, it should be interesting…

Cheers