Monday, September 17, 2012

Gold intraday technical analysis - QE3 will continue to be the main source of strength

Gold futures - this instrument has been giving very nice and clear setups recently - that's why it is my favorite to trade these days.
The FOMC meeting last week resulted in open-ended quantitative easing (QE3) measures and this will continue to be the main source of strength for the Gold in the weeks ahead. However, the markets seem to open in a slightly risk-off mode this monday so I'm looking for a pullback towards the 1747 intraday pivot which is a very important level as it is a confluence of 3 different supports - trendline, 50% Fibonacci and ex. resistance now support. Going long at this level should give me a good managed risk/reward with target 1800 in sight.



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