Breakout on Gold

Dear Dynamic Traders,

What a momentous day, the price of Gold has broken through a 1000 and is looking like it will hold for at least today! It has not yet made a new high but is not far from the price of 1034 which is the high that was created in March 2008. Usually the strengthening of Gold is synonymous with a weakening dollar and this can be witnessed perfectly well with the Euro chart. The Pound however is still consolidating and not showing typical signs yet.

The appropriate filters should be applied for entry into this position. The conservative traders may wait for the previous high to be broken before entering. Well done to those that are already in the trade and have scooped up some profits.














The second chart for this evening is the AUDCAD. This has recently being rallying nicely and has produced some nice profits. We saw a bearish engulfing candle yesterday and price had recently got close to the previous high and close to the RN. To trade with the trend we want to wait for the resistance to be broken and the signs are not quite obvious yet. In addition there are many news items being released this week which will likely affect the price action. A good one to put on the watchlist should a breakout occur.













Good Trading!
Bijal Shah