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Spot Gold & William's Percent Range: Possible continuation of the upward movement! Happy New Year

NB@20.55: gold surpassed $ 1,387 an ounce, but I remain liquid because of time already very advanced ... Too advanced for me to be calmly set.

After long days without writing because of my time constraints, to share my few words on Twitter, here I am again with the precious metal. Before we begin, let me clarify that the week could hold some surprises, especially because 3 PIIGS (that alone!) Will issue securities: Portugal on Wednesday, Spain and Italy tomorrow. I

shorts last week when gold broke down the threshold of $ 1 400 an ounce, but I closed my position too soon (while a bottom was reached at short distance to another level, that of $ 1,350). Currently I have no open position, despite the bullish signals that have arisen during recent sessions.

Spot Gold (Daily, 12/01/2011)

Notice the very good signals from the William's Percent Range. This indicator is very similar to the stochastic, perhaps more clearly and in very slight lead. While gold is in a situation of trading range, this oscillator has always predict movements that joined the two terminals of the range (either up or down), so why not this Again?

In hindsight, gold seems to be out of breath. We remain of 3 failed attempts for a new bullish phase, while the consensus is still incredibly optimistic. For example, the London Bullion Market Association expects an average price for 2011 of $ 1,457 per ounce (the prediction has proved right for 2010 at almost exactly). I just wonder if gold will continue its momentum, after a decade of uninterrupted growth, the fact is that the long-term trend remains bullish, pending any contrary signs.

the shorter term, gold has turned upward after the 1350 approached, confirming the importance of this support , while that $ 1,365 has also been very helpful again. Oscillators indicate that the bullish reversal is well underway, and the candlestick January 7 demonstrates the interest of buyers around $ 1350.

Two major obstacles to the precious metal: the average Mobile 20 sessions altogether consistent with the resistance of $ 1,387 (already checked in the past, and higher achieved yesterday and today) and then $ 1,400.

Having missed the first part of the movement of turning bullish, I plan to position myself in this way: Buy the crossing of $ 1387 with a first target located in the $ 1400>> In case of further upward, it will no certainly possible to recover to levels comparable to last peak, ie between 1425 and 1431 $.

Note that the inability to cross the 1387 and the moving average and 20 sessions would be a very negative signal.

good trades and great day.

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