July 24, 2012
- in Uncategorized by schooloftrade
Gold futures trading in a price wedge
8:45am EST
Gold futures trading in a price wedge and we know the price structure tellsus to buy the lows as support, and sell the highs as resistance.
We can see that right now gold is trading just above the lows/support. We need gold futures to drop lower this
morning in order to give the high-percentage trades today.
The 55-range chart on gold futures shows a more accurate look at theshort term price wedge. We can see the much-narrower price
wedge will provide us with buying opportunities around the lows at 64.5 and
selling opportunities at the highs around 1584.0. We need to avoid the middle of this price
wedge and stay patient to test the highs or the lows.
