Special Notes and A Reminder of Scalping Path

SILVER DAILY

GOLD DAILY

Silver and Gold had unexpected moves that beyond my technical. Of course there were many opinions, but I'd rather said that was a panic selling in the market. I didn't expect gold and silver would drop that far. It was the deepest drop (gold) for the last 30 years. And they said that many were loss.

Okay, it was history....
Everything has passed and we have taken the lessons. STOP LOSS AND MONEY MANAGEMENT works as the safety devices when unexpected things happen.

Let's take a look for gold now.
From the daily chart above, just notice the RSI and William Percent Range both are in the extreme oversold area. It was pretty rare that the RSI goes below 20, even more touch 14.70 (see the chart above). And it turned out to be true that gold rebound in that area.
If we use the Fibonacci to predict how far gold will rebound upside, we can see that for the last 3 days, gold is stopped by the 23.6% line (around 1430). I think this will become a new resistance area.
It still too early to say where gold will go from this area. If gold can break this resistance area and go higher than 1440, I think it could go to test 1500.
But if gold can't break this area, there is a possibility that it would go lower than 1400.
In the condition like this, I'd like to remind the old technique of mind, Scalping Path....

Now, this is just a reminder of how I do my business, the gold trading...

SCALPING PATH

As I mention in my several old posts, I'd like to do scalping in the sideways move or in the day when there is no big impact news. Gold movement is easily predicted in the day like this. It is as simple as making the support and resistance. (Just look for my post about scalping path). I'd like to call this kind of day as A Scalping Path Day. Just got 813 pips from 6 times scalping. Who says scalping is bad :D
There's plenty of scalping days in gold market. Learn how to scalp, and buckle up (SL and MM)....

Good Luck.

GG - 2013.04.25