Is Gold poised to go Higher into 2013?

Dear Trader Friends,

see you at the topQuote:  Zig Ziglar says, “Remember that failure is an event, not a destination.”

Now let’s us talk a little bit about Gold for the rest of this post.

“Do not overlook the fact that the 4th time the averages or an individual stock reaches the same level it is not as safe to sell, because it nearly always goes through.”  – W.D. Gann

Here is a current chart of Gold:  60 Minute Chart of Gold

Here is a current daily chart of Gold:  Gold Daily Chart

Looks like a move above 1667 to 1668 could lead to a nice year end rally into the end of 2012 and into a nice start for 2013.  Prognosis Long Gold at 1667.00.  This all coincides with the 200 Day Moving Average on the Daily Chart of Gold.

BTW, we need to have a pullback perhaps to the 50 Bar MA and then move up to make the 4th time up and through!  I hope this helps as I didn’t leave that clear in my post.

In other words, if you are following this trade live and in real time we came off a high of 1667 at 18:15PM Eastern, and now we are going (pushing lower) … we need to bottom out and then go up again … this would mark the 4th time up and through!

89 Tick Chart:  Gold 89 Tick Chart

Initial Profit Target of 1727.30, then upward and onward to 1783.80. Gold is a market where markets can quickly run to target so be ready to capitalize on a nice run!

 

God Bless and Good Trading,

David ‘Tiger’ Knight

P.S.  Did you know that it was illegal to own gold from August 28th, 1933 to December 31st, 1974?  Things that make you go hummm!!!

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.

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