Hey TM, I just don't see a catalyst for gold, after that 100 point pullback from 1400, gold has a lot to prove, and resistance at that level will take an act of god to get through. More often than not I feel more secure in a short position when playing gold, because it seems the only long trade of late is on this Ukraine crap. Also, there is always chatter about the perception of demand, China this, India that, blah, blah and that sentiment changes on a daily basis. Not to mention the pikers and crackpots who incessantly come out of the woodwork talking gold $5000 or higher. Just when you think gold overcomes its sea legs, and think it's going to strengthen, it's back in tankola mode because of this or that. And there is a lot of factors that involve "this or that", literally too many to shake a stick at. So how can a person trade gold successfully you ask? My best success has been scalping, but that's a lot of work and requires playing several trading sessions. So if scalping isn't one's forte, then it's the vulture method of sitting and waiting until the trade is so obvious, short or long, that is hits you over the head with a club. I don't like swinging trading gold, especially over a weekend, when it opens for trading on Sunday, you could be looking at a serious gap up or down situation which could be devastating. The slack jawed floor traders make playing gold a pain during the US sessions, that's why I prefer the Asian and Europeans sessions. I'm working on an essay about trading gold futures, it's a work in progress, it might even turn into a book, there is a heck of a lot to this gold, that's why I think it's the second greatest story ever told. ;)
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