Thursday, May 15, 2014

Gold Futures Day Trading Strategy; Selling the WAVE short to new lows

Gold 8JJ Bar
I am watching gold sink lower after it had a nice dip back down for a 123 reversal from the highs on strong selling pressure.

I am waiting for price to retrace back to 1298.1, 1298.5, and 1299.4 to sell it right back down again to fresh lows.

If it continues above that, we can look to sell a double top back lower as well.

The targets to the downside will first be the initial swing sitting at 1293.1 with the next target even lower than that down at 1290.9.

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