The triangle breakout in the index was not confirmed by yesterday's EOD data, though all Gold, Silver and Platinum are continuing their bullish move today. We are in the half way finishing the day now, but I prefer waiting for the FOMC news, which will be announced in a few hours, before giving a decision.
For a diversified portfolio, I will be trading all three of the abovementioned precious metals. I will add their specialized analysis as well. All in all, the precious metal market seems bullish as they break away with their respective continuation congestion patterns, and it is highly likely that we will see the old tops being tested.
As you may have noticed, I have changed my charting style a bit. I started to use bar charts instead of candlesticks; this way the picture looks neat and clean, and the price formations could be seen better to my eyes. Day by day, I am also putting more and more emphasis to the classical chart formations. So maybe the oldies did it better than the modern day trader, this is the possibility I am examining.
For a diversified portfolio, I will be trading all three of the abovementioned precious metals. I will add their specialized analysis as well. All in all, the precious metal market seems bullish as they break away with their respective continuation congestion patterns, and it is highly likely that we will see the old tops being tested.
As you may have noticed, I have changed my charting style a bit. I started to use bar charts instead of candlesticks; this way the picture looks neat and clean, and the price formations could be seen better to my eyes. Day by day, I am also putting more and more emphasis to the classical chart formations. So maybe the oldies did it better than the modern day trader, this is the possibility I am examining.
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Correction: Not FOMC news; it it NFP news which I am waiting for.
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Although I am already long on the metals, a conservative trader would wait for the US reaction to the news as the New York opens.
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I was so very confused with what I said in the previous comment. New York is already open. So let's go long!
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Profit taken at the resistance because the bull strength declines. Re-entry at the support revisit is possible. This holds for all precious metals.
