GOLD Daily Video, February 22, 2013

[Sive Morten]

Good morning,
Gold has turned to upward retracement. If daily traders have to wait when this bounce will end, scalpers could search possibilities to take long positions on intraday charts:

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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.

 

[kappa2547]

Hello Sive, you had mentioned in previous times that January gold prices usually set the high or low for the year. With 1625 now broken should 1696 be looked upon as our high for the year?

 

[Sive Morten]

Hello Sive, you had mentioned in previous times that January gold prices usually set the high or low for the year. With 1625 now broken should 1696 be looked upon as our high for the year?

Hi Kappa,
Actually I've said within first quarter, but indeed this happens very often.
Why not this easily could be the high for the year, especially if we will see serious long-term retracement down.

 

[kappa2547]

Thanks, I did have a note about Q1 I'm glad you confirmed that for me. I've been playing a 1600 - 1800 range on gold for awhile. The break of the 1625 tail combined with it being possible yearly low had me concerned my range play was about to end in the opposite direction I thought it would.