STOP is below the congestion easily visible on 4H. This will limit the LOSS if wrong on breakout.

The hit would cost me $5k if wrong. This is small compared to what the gain will be if right.

Worth a shot.

Adding to position will only be done when the MARKET shows me I'm right about the breakout.

Ideally I'd like to see 2 higher highs and2 higher lows on DAILY. Too early to see that so its a gamble.

Another thing to watch for is that Gold stays above the 200 e.m.a.

If not, I'm outta there.

Still good on 4H and 1H but I'm after much bigger fish = incipient, aborning new TREND although this endeavor can be evanescent often, but the joy of catching the WAVE in its infancy is even better than living in LOS and on par with the knock-out gorgeous Thai lady on my first day in LOS aeons ago who left a love note on my pillow, "I love your clock" - I was sold. Thai ladies say the damndest things to me, I never complain and often just can't stop lafffffing

Compared to marriage in America its like Mick said here ....

http://www.youtube.com/watch?v=AahpsBq2yZg&feature=player_detailpage

Give us a break mods, this is not what TV is all about.

Remember gold is a terrible investment. It's purely speculative...see above.

if op wants a following. show us some statements.

even Hillary cant explain how she made money in cattle futures.-i think she cheated..............lol.

Edited July 11, 201411 yr by choochoo

If Gold does get upto approx. $1362 we will find out whether the triangle pattern shown in chart is the dominant pattern Gold is playing out. Be prepared to take profits if this turns out to be the case - if we get there.

Otherwise I'm counting on the double bottom and perhaps triple bottom (a stretch) to send G north.

Sounds like Elliott Wave techno-babble from Avi Gilbert, but at least Avi explains what he's interpreting (in this piece he's referencing prices for GLD, not physical gold):

When one looks more closely at the technical perspective, you have to realize that not all seeming consolidations are continuation patterns. In Elliott Wave parlance, we view truncated patterns as topping pattern which can also look like bigger consolidations, which then break to the downside. And, this can very well be one of those patterns. A break down below the 125.70 level confirms to me that we have a truncated top in place. This would then align the technicians with the commercial traders. Furthermore, nothing even precludes this market to another higher high before we break down below that 125.70 support level, so I will be maintaining an open mind in the upcoming week.

http://seekingalpha.com/article/2301485-gld-potential-whipsaw-ahead

Remember gold is a terrible investment. It's purely speculative...see above.

The O/P isn't talking about investing, but trading. Still risky, but not quite the same game.

Edited July 11, 201411 yr by Suradit69

Give us a break mods, this is not what TV is all about.

Interminable threads of pure babble.