Follow The XM Bull
Monthly
Weekly
Daily
4-hour
1-hour
Market slowly but stably moves lower. Chances on appearing of possible
upward AB=CD are melting week by week. Market has moved and closed below
October lows. Fundamental situation and CFTC data stand not in favor of
possible appreciation. As market has significantly hit oversold we’ve
suggested that retracement up. Thus, we’ve made an assumption of
possible deeper upward retracement that could take a shape of AB=CD, and
invalidation for this setup is previous lows around 1170s. If market
will pass through it, then, obviously we will not see any AB=CD up. And
now, as market has broken through 1250, next target is precisely
previous lows around 1180. In fact this will be the last chance for
possible upward bounce, if, say, market will shows something like double
bottom. Price is not at oversold right now and not at major support, so
really bearish market should reach previous lows level.
Weekly
Overall context here is bearish as well. As we’ve said previously, price
has broken through major 5/8 Fib support here. On previous week market
has done attempt to climb above 1250 again but failed. As a result we
again have small downward action. Despite all attempts to move higher,
price still has shown decline in result. In fact, there are no solid
supports any more, except may be MPS1 that has been tested on previous
week. Next object is already 1180 lows and downward AB=CD target. If
market will take it out, then we will see clear butterfly pattern.
Daily
On daily time frame situation mostly could be treated as “indecision”.
Market has tested and now holds above MPS1. At the same time two
side-by-side bullish stop grabbers have been formed that, at least
theoretically, suggests possible move to 1270 resistance. Friday candle
is “high wave” pattern that indicates indecision and does not show
direction by itself. But the top and bottom of this candle is
significant because depending on whether market will break through high
or low will point on further direction. 1270 resistance itself is rather
solid. It includes MPP, Fib resistance, natural support/resistance line
and this level stands very close to daily overbought. As we do not have
anything except bullish stop grabbers we have to work with it. Bullish
setup will be valid until market will not break through “high wave”
lows.
4-hour
Well guys, here I see only one possible pattern – some kind of
compounded reverse H&S that theoretically should lead price to our
1270 resistance level. If you will plot MACDP here, you also will get
bullish stop grabbers. Neckline coincides with WPR1 on coming week. As
we have shy but still bullish patterns on daily let’s see where we can
take long position. Our setup will be vanished, if price will take out
current lows and move below high wave pattern. As you can see - this
also will be WPS1 on coming week.
1-hour
Looks like NFP release candle has pierced all MACDP at all time frames
and has created bullish stop grabbers. Also this splash down is a
W&R of previous lows. Market already has shown 5/8 retracement
inside of it’s body. It is very difficult to find some clear pattern
among this mess. Let’s see what will happen – probably if these multiple
grabbers really will work, price should start climbing somewhere from
current level. There is not much time till next FOMC meeting, thus,
market could be releases in some free flow since we see that investors
stand aside from taking big directional positions. On this releaf market
could show upward bounce. So, logically this could work, but taking
into consideration overall situation – it is not very fascinating.
Conclusion
Become an XM IB or Affiliate Partner today
Market still holds bearish in a long-term and slowly but stably drifts lower. In short term perspective approaching of FOMC meeting and closing of financial year could hold investors from strong action and taking large directional position. This already could be seen from most recent CFTC report and potentially could give market some free space that will allow market to show greater retracement up.
Anyway, we do not have much choice here – only suspicious bullish stop grabbers right at MPS1. Despite how suspicious they are, this is still bullish patterns and they could work in current situation. Let’s focus on possible long position. Our invalidation point is current lows of daily high wave pattern. If price will move below it – it will simultaneously erase all grabbers, possible H&S on 4-hour chart and move below WPS1.
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3. Send me your Paypal or Moneybookers account number
If you do not have a Paypal or Moneybookers account,
please click on one of the links below to open your free account today.
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You will be paid $10 per standard lot of Gold traded and
all payments will be made by the 25th of each month.
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
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