Easter Monday, preview S&P TSX Global Gold Index

Seeing as I am doing these chart studies and including a bit of previous day activity in the assessment for trade setups I figured I should do one that is current. Tomorrow I am off work and the markets are open, I actually thought that they would be closed so this is a bonus for me.


S&P TSX Global Gold Index, April 9th.

No notations are necessary for this, just an overview of the day.

The drop off over the last half of the day will help to determine initial trading plans for tomorrow.

1) IF the price gaps or moves up quickly over the 200sma AND the market seems strong generally THEN look at fading the opening gap back to the daily primary pivot point OR wait for the 30 and 50 SMAs to catch up and re-evaluate the plan, best action could be to wait for the test of the 200 sma as it is likely valid earlier

2) IF the price opens even THEN wait for a test of 200 sma to play short OR fade to the 200 sma

3) IF the price gaps down THEN wait for some sort of confirmation of a continuation of the downtrend(30/50 zone acting as resistance) OR confirmation of a short term reversal (30/50 catches up and is crossed by the price.

Basically I am not certain what to expect yet, the price of gold is up since Thursday...I'll wait and see tomorrow morning. I would have liked to see the close been at the 200 sma or had the price cross late in the day which would setup a good start with the 200 pretty much caught up.

I guess there are no excuses tomorrow.

Jeff.