Good Afternoon,
Lots of price movement this week, makes for good trading.
Plenty of profit on offer for anyone who bought the bottom of the pennant formation on the daily chart.
Unfortunately after gold's sharp rise to $1,340 mid week, it then turned against us and fell just as sharply. Resulting in a short lived breakout of the pennant, 2 tries at 46c and failing to break through.
I missed the top, but got out at 45c.
I'll be looking for PRU to range sideways now, between the two areas I've highlighted on my chart. I expect that range to continue until POG finally breaks above $1,370. (get a move on already!!!) or PRU releases some good news.
Nonfarm payroll figures tonight may cause some volatility in POG.
A weekly POG close above $1,320 will keep my pennant on the gold weekly chart alive for a little longer, if only till Monday, lol.
Gold chart analysis by Oscar Carboni, starts at 3:25
I'm thinking like some others that the downward pressure on gold will be lifted after the approaching FOMC meeting on the 21/03/18. There is currently a 88.8% chance of a rate hike, http://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html
I'll be looking to enter PRU again in the support area while watching for POG to find support and turn up again.
A good weekend to you all.
PS; I don't consider myself an expert or know if my thoughts are valued, but it's a public forum isn't it.
I'm trying posting here just as an other way of processing my own thoughts while considering others.
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