The commodity gold futures of April contract are climbing Monday as the bulls shrugged off recent weakness to the February 24 low. The commodity market is poised to test the $1,420 an ounce level with the bulls eyeing major resistance and upside targets from "triple top" resistance on the daily chart in the $1,426-$1,434 area.
The technical trends of commodity remained solidly bullish on all time frames, with the commodity gold market hovering a mere $20 below its all-time high.
Even if commodity gold April Level did retreat back to the $1,373 zone in the days or weeks ahead, "that wouldn't break the back of the uptrend." The technical bullish uptrends would remain firmly intact, but markets don't go straight up or down forever, some counter-trend moves are needed and actually healthy for the longer-term trends.
COMMODITY GOLD THIS WEEK
The commodity market reports says "if you are a day by day trader, it might be worth trying to sell gold at the highs for a quick trade." However, he did warn, "in an uptrend, you can play for corrective pullbacks, but it is always a risk. It is safer to trade in the direction of the [larger] trend. You have to decide what kind of trader you are. Do you wait for the market to move down and then buy it there?"
One should try to sell it at $20-30 [on the downside], specially for an aggressive trader. This is a short-term short [position], you don't want to be short too long. Bottom line? It would be surprising if we continued to accelerate through here without a decent correction.
According to the trend of World commodity market their is solid resistance ahead for the gold in commodity market. It can be"triple top" resistance, which is seen clearly on the daily chart at the November 9 high at $1,428, the December 7 high at $1,434.10 and then the January 3 high at $1,426.30. That represents a strong near term ceiling on the upside.
Basically, it haven't held rallied above the $1,425 area but it is expected that some trouble may occur. It wouldn't sell but It would left for longs liquidation. Commodity pointed to the $1,431.10 as a key level from the weekly chart. If one wants to close above that then we've got a new wave up in gold and new upside potential is gained.
PLATINUM
If one is Shifting over to the platinum in commodity market, then the April contract is in a range between $1,870 and $1,760. It is advised to the traders that to "play the range."
The commodity market is getting some bearish indicators from oscillators for the platinum. The RSI is declining with lower peaks. If gold does make a wave 5 high, platinum should get up to $1,850-1,870. It might be worth trying to sell it to play for a move to the bottom of the range and it is concluded as a correct strategy.
The technical trends of commodity remained solidly bullish on all time frames, with the commodity gold market hovering a mere $20 below its all-time high.
Even if commodity gold April Level did retreat back to the $1,373 zone in the days or weeks ahead, "that wouldn't break the back of the uptrend." The technical bullish uptrends would remain firmly intact, but markets don't go straight up or down forever, some counter-trend moves are needed and actually healthy for the longer-term trends.
COMMODITY GOLD THIS WEEK
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| Commodity Gold |
One should try to sell it at $20-30 [on the downside], specially for an aggressive trader. This is a short-term short [position], you don't want to be short too long. Bottom line? It would be surprising if we continued to accelerate through here without a decent correction.
According to the trend of World commodity market their is solid resistance ahead for the gold in commodity market. It can be"triple top" resistance, which is seen clearly on the daily chart at the November 9 high at $1,428, the December 7 high at $1,434.10 and then the January 3 high at $1,426.30. That represents a strong near term ceiling on the upside.
Basically, it haven't held rallied above the $1,425 area but it is expected that some trouble may occur. It wouldn't sell but It would left for longs liquidation. Commodity pointed to the $1,431.10 as a key level from the weekly chart. If one wants to close above that then we've got a new wave up in gold and new upside potential is gained.
PLATINUM
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| Commodity Platinum |
The commodity market is getting some bearish indicators from oscillators for the platinum. The RSI is declining with lower peaks. If gold does make a wave 5 high, platinum should get up to $1,850-1,870. It might be worth trying to sell it to play for a move to the bottom of the range and it is concluded as a correct strategy.
