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Analysis & Views

Gold – Daily Forecast 24.01.2014

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Gold shot higher & unexpectedly beat 1254/55. Yesterday was very important as the break above 20 month trend line resistance confirmed the bullish double bottom at 1185/80. It also confirms the completion of a slightly awkward inverse head & shoulders – all very bullish longer term. I therefore think we will resume the 15 year bull trend now & I am calling an end to the 25 month bear market. Short term however we are overbought so some profit taking down to 1258/57 & possibly 1253/52 could be seen for a buying opportunity. I doubt we go any lower but if 1246/45 is seen it may be the last chance to buy Gold before a sharp spike higher in the days to come. Today a break above 1265 is another positive & target 1271/72 then the 100 day moving average at 1276. This is the next major obstacle & we need a close above here for the next buy signal. Jason Sen Daily Technical forecasts US, Europe & Asia Equity Index, Commodities, Forex & Fixed Income daytradeideas.com The comment in this blog is the personal opinion of the contributors and…

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Strategies

Is the Trend really your Friend?

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The first piece of advice usually given to an aspiring trader is the well-worn phrase “The trend is your friend”. Trend following traders identify one-way patterns and attempt to ride them for as long as possible. According to most seasoned veteran traders countertrend trading is irrational and it is usually associated with novice trader’s practices. One of the most fierce advocates of the countertrend strategy is the well-known trader, who coined the “Black Swan” term and introduced probabilistic thinking in the financial markets, Nicholas Nassim Taleb. The objective of the countertrend approach in a nutshell is to experience a large number of trades with relatively small losses in order to catch a change in the existing trend, based mainly on the idea that if a market moves in the opposite direction to what is largely expected, it could move significantly. Most academic theories considered as modern finance assume symmetry in market returns and are based on the idea that investors are rational and markets are efficient. Investors may be perfectly rational when they examine charts and develope strategies on the weekend, but once they enter a trade things are quite…

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This content is for information purposes only and should not be construed as trading advice.

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