GOLD (AUD) Daily Video, December 26, 2013

[Sive Morten]

Good morning,
as gold market is still closed, we will take a look at it through the prism of AUD, since AUD is a gold currency, right? As you will see, such comparison could be really useful sometimes:





The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[nanypurwanti]

Do you mean that we can forecast the Gold using AUD??
I wish Gold will move down in next weekend..

 

[aman suri]

hi sive i am stuck again in a selling positin of gold @1206 can u pls suggest if i should hold my position or shud i book my loss @ current market price....thanks

 

[Sive Morten]

hi sive i am stuck again in a selling positin of gold @1206 can u pls suggest if i should hold my position or shud i book my loss @ current market price....thanks

Hi Aman,
When you fall in such situations (every trader falls), always try to answer on the question : Is the reason for current position still valid or not, or it has been vanished by price action? This will tell you should you hold position or not.
I do not want that you will rely on my opinion (since I also could be wrong), whatever I will advise.
Currently I do not signs that gold should not test 1180 lows.I still hold with my former opinion that we should get at least clear out of 1180 lows...

 

[Sive Morten]

Do you mean that we can forecast the Gold using AUD??
I wish Gold will move down in next weekend..

Well, not predict, but to search for disrepancy. The same as between US stock indexes, CAD and Crude oil etc. This will help much and to hold you from dangerous positions. Read our forex military school, where we've talked about different correlations among markets.