June 13, 2013

Gold day trading strategy

Gold 60-Minute
Gold doesn’t give us much to work with this morning outside of the Dollar-Index-correlation.  We are trading inside the price-wedge after
bouncing off the double-top support level at 1366.4 on Wednesday.  Now we find ourselves in the middle of the
trading range and feeling like a ship without a rudder.  We know in the middle of a sideways-trading-range
we need to sit-on-hands and wait to see price-action test the highs or the lows
of this range for the high-percentage-trades. 
We saw strong news for the Dollar-Index this morning from Jobless Claims
and Retail sales, and a strong Dollar-Index is a weak gold in most scenarios so
if we have to choose direction this morning we will assume the short-side will
be the best choice until the Dollar-Index tells us differently.

    schooloftrade

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