Gold Daily Video, April 28, 2015

[Sive Morten]

Good morning,

Although action up was really fast, it mostly was driven by short covering. That's why it is not very reliable. Our opinion - it will be better to wait for Fed results before taking any positions:





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.

 

[Slim Trady]

Dear Sive

I always view your posts with great interest and I appreciate that yours is essentially a technical analysis of XAU/USD but I sometime wonder if you don't factor in the fundamentals enough.

The CB Consumer Confidence miss has added weight to the assumption that the FOMC Statement could be ultra dovish and gold could fly.

Its pushing over 1210 as I type this.

Isn't this worth adding to your analysis?

Kind regards

Adrian

 

[Sive Morten]

Dear Sive

I always view your posts with great interest and I appreciate that yours is essentially a technical analysis of XAU/USD but I sometime wonder if you don't factor in the fundamentals enough.

The CB Consumer Confidence miss has added weight to the assumption that the FOMC Statement could be ultra dovish and gold could fly.

Its pushing over 1210 as I type this.

Isn't this worth adding to your analysis?

Kind regards

Adrian

Hi Adrian,
actually we've mentioned it. If you read text updates - there was information yesterday that upside action was triggered by closing shorts and options before Fed meeting.
The problem is that you can's say definitely what Fed will say. When you do not have definite setup or inputs, you can't make reasonable decision.
If you would like to take position on expectation that Fed will be dovish, I could ask you - how far gold will climb, where take profit, where to enter and where place stop?
I try to avoid making decision on gambling around Fed results, US data etc...When we recommend to make some trade, it is always based on structural and logical basis that includes many things but all of them confirm each other. Other words we can explain and confirm the setup and plan, why it should develop particularly this way and not the other one...