Trading Gold And Silver
How to Trade Gold – Etf Trading and Signals
Gold has performed well after finding support and bouncing to the top of its descending trend line. The daily gold chart is full of noise and with everyone excited for the next big rally in gold, I am sure Fridays big up day really has you stressed out, in case this is the next gold bull, because you don’t want to get left behind. During emotional times like this, I like to step back and take a look at gold from a distance.
The daily chart, which I use for Trading Gold, can sometimes raise my blood pressure, because of the noise (price swings) on the chart. As you can see in the chart below, it looks like gold is ready to continue its run higher. But what we forget to keep in mind is that the weekly chart is bearish giving gold down ward pressure.
Daily Gold Chart Filled with Noise and Emotions
The Relaxing Waves of the Weekly Gold Chart
After looking at the daily chart of gold and most definitely getting a little confused, we look at the weekly chart. This reminds us of the overall trend of gold, and allows us to see if it’s under more buying, or selling pressure. Currently gold is in a downward trend and just finished hitting its head off resistance 3 weeks ago. This chart is what can keep you on the right side of the trade more often than not. While I am bullish on gold, I do not trade long when the overall trend is down and I must have a proper setup and low risk entry point. This weekly chart indicates that gold is under weekly selling pressure and is trading just below resistance. Also the stochastic topped and started heading lower last week. In my opinion this is not a good time to be going long gold.
About the Author
Chris Vermeulen’s Gold, Silver and Oil Trading Newsletter provides analysis and trading signals for gold, silver and oil exchange traded funds.
www.TheGoldAndOilGuy.com
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