An update on Gold which is still basing under $1800.
The weekly (on the left) is currently in the 2c-2d criteria. The 2c-2d setup puts us on alert to look for a 3d setup on the faster time frame, which is what we saw on the Daily chart (on the right) over the past week.
Interesting how both the weekly and daily charts show price holding a 50% retrace of their previous momentum moves. We wouldn't want to see the daily give up much more traction going forward, otherwise we could see it go back into a corrective cycle. But a break above the $1730's could generate a move back to test weekly resistance in the $1785 territory.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.