www.scottpluschau.blogspot.com
The overnight price action is a perfect example of why I am doing nothing until gold bursts through $1,620. I am prepared to risk, but preserving capital until there is an edge is a priority. This level should act as a strong level of support if tested "after" a breakout, in my opinion. I have no issues taking losses. There are good losses and bad ones. Good losses mean nothing when matched up to good winners. Bad losses waste the winners.
I remind myself each day with this line "Don't waste the winners".
A solid weekly close above here today, and I will be sharpening the sword this weekend...
Update: There is some minor trendline resistance to watch as well on the 30 minute chart $1,625, followed by the triangle resistance in blue around $1,630.
(Click on chart to expand)
I touched on this price level in yesterday's post here: http://scottpluschau.blogspot.com/2012/08/gold-pattern-turning-more-bullish.html
A special thank you to Chuck Butler who posted a quote from me today in his Daily Pfennig. The Daily Pfennig is the number one currency newsletter on the planet in my opinion, and it is one of my daily reads.
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Source: $1,620 in Gold is a key reference area:
