GCQ09 – Comex August Gold (Last:912.10)

Price has found support at the 907 level and is currently trying to move higher on the daily chart.  If that level is broken you would be looking for  885 and then 864 as price objectives.  For price to make a move higher on the daily chart price would have to go through 935 and then you could look for the 966 level. The price on the 15 minuter chart reached the 119 price objective noted in the chat room during the day.  The 916-917 level indicated in yeaterday’s post was hit early.  Each price objective first acts as resistance and then acts as support.  When a price objective is reached you should look at your indicators and see if it is telling you that the move is over.  If so, exit the trade and look for the next trade.  Right now there is downside pressure being applied to this chart and the price objective for the down move is 909.  Look for some support at the 910 level.

Ira