We have rolled forward to trading the 12-13 Gold Futures Contract; please remember to move your charts and trading to this front-month contract on Gold.
The 4-hour anchor chart shows us trading at the major resistance trend-line around 1340.0. We can also see the short term trend is very narrow and we have a short term price-wedge that has developed. This market sentiment is clearly un-decided for where this price-action will be going next. We want to use this as a big clue to trade this market as a sideways-trading-range.
We can see clearly that this market personality is trading sideways on Gold using this hourly anchor chart. We need to trade by selling the highs and buying the lows while avoiding entries in the middle. We also know that eventually this price-wedge will get too narrow, and when that happens a large breakout is expected. We will use the 1333.8 above and the 1317.5 below as the lines in the sand between a breakout and a fake-out-breakout.
We can see the InsideOut Set-up has triggered LONG after we broke below the PLOD and could not stay below this level from Monday. Now the sellers have failed and our job is to use the Wave pattern to buy pullbacks.