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Long Term ~ Bearish- Need a monthly close above 1800 to confirm the bull market final phase underway. Need a monthly close above 1560 to neutralize the trend.
Medium Term ~ Neutral– Gold needs to close above 1294 on a weekly and monthly basis for bullish outlook.
Intermediate Term ~ Neutral/Bullish next resistance 1265-1272.
Short Term ~ Bullish next resistance 1256 / 1260.
Initial Resistance 1247-1257 2nd tier 1265-1272
Initial Support 1229-1233 2nd tier 1211-1218
Tuesday’s update listed resistance at 1238-1244 and the high was 1250
Support was listed at 1222-1229 and the low was 1222
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Long Term ~ Bearish- Need a monthly close above 1800 to confirm the bull market final phase underway. Need a monthly close above 1560 to neutralize the trend.
Medium Term ~ Neutral– Gold needs to close above 1294 on a weekly and monthly basis for bullish outlook.
Intermediate Term ~ Neutral/Bullish next resistance 1265-1272.
Short Term ~ Bullish next resistance 1256 / 1260.
Initial Resistance 1247-1257 2nd tier 1265-1272
Initial Support 1229-1233 2nd tier 1211-1218
Tuesday’s update listed resistance at 1238-1244 and the high was 1250
Support was listed at 1222-1229 and the low was 1222
Gold Overview
The most important question of the day is whether this is a change in behavior for gold or is it just a bounce that is going to get rubbed out?
Hourly Gold Chart
Today we touched the weekly reversal point of 1222 exactly and price took off from there. Resistance is either right here at 1243-1248 or odds favor we move towards 1260. Support is at 1220-1231. The short term trend remains up.
The most important question of the day is whether this is a change in behavior for gold or is it just a bounce that is going to get rubbed out?
The reason we show this chart is the CRB and gold pretty much follow
each other and while we eventually are going to need to see the CRB join
in with gold and turn up, this will not give us a short term view.
While it’s rare that gold can rally without the CRB, it certainly can
begin its run up or its sell off before the CRB turns and vice-versa.
As far as an Elliot Wave count, the best count below still shows one
more wave to the downside. Could the final leg down be miscounted and
the bottom is in? That’s always a possibility. But the best count still
has the one more leg down. I look at Elliot patterns but I don’t use
them as bible because the waves are hard to fully discern. Only with
history do they show best.
Hourly Gold Chart
Today we touched the weekly reversal point of 1222 exactly and price took off from there. Resistance is either right here at 1243-1248 or odds favor we move towards 1260. Support is at 1220-1231. The short term trend remains up.
What Next?
We had favored 1211-1218 as a pullback but got only as low as 1222 on Wednesday. Then we vaulted to 1250. We did not get a close above 1243 but odds favor we’re heading towards 1260.
We had favored 1211-1218 as a pullback but got only as low as 1222 on Wednesday. Then we vaulted to 1250. We did not get a close above 1243 but odds favor we’re heading towards 1260.
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"All new clients signed up through this link will be entitled to Free FXTwit$ Premium Real Time Signals"
This signals are delivered thru whatsappp +6018.341.2014
I was trading with a lot of brokers, and recently moved to HiWayFx.
Amazing service
Amazing bonus
Unbeatable spreads, as low as 0 pips
No Dealing Desk (NDD) execution model.
No re-quotes from dealers, no dealer intervention & no execution delays
Trading during news allowed
Scalping allowed
Personalized technical and customer service support
Start trading with a minimum deposit of only $20
It is very important for to trade with fast order’s execution, I had opened Standard NDD Account And I was pleasantly surprised by the quality of order’s execution.
I trade with this broker within few weeks.
I like everything, so far.
I feel comfort and confidence with HiWayFx, this company always ready to help you in different situation (closing of the order, bonus conditions or just fast withdrawal). I don't have any problems with trading, even on news.
+40 734 277 757
https://www.facebook.com/LORDOFTRUTH
https://www.facebook.com/FollowTheRaw
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YOU ARE NEVER LEFT ALONE
Welcome to my blog where you can learn how to trade the Forex Market for free.The material is all created by myself and not copied from anywhere. There is a lot yet to come since there is a lot that you need to learn, and there is a lot that I need to share with you! So please just be patient – it will be worth it.You can judge by yourself the quality of information that I will be giving you . So just go now and start learning!
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In this section you will find quite a long article of what Forex is all about. If you are a beginner, this is a must read. It explains in detail what is required to start trading, what you should do and not, typical traps to avoid as a beginner and a lot of valuable information which you as a beginner must digest and learn prior opening any Forex account with real money.
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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.
King Regards
