Thursday, December 10, 2015

Gold Trend


In the physical markets, gold premiums in India fell this week as a modest rebound in prices from multi-year lows prompted consumers to postpone purchases, but buying interest in China remained strong ahead of the spring festival early next year.

Gold market looks a bit heavy, compares to FX. If, on FX major are created new highs after Friday's rally, Gold market is still stuck in it's range. Daily picture shows that market has failed to break 1085 resistance and still stands below MPP and this is bearish sign. It is difficult to say definitely what particularly holds market from upside action - either future Fed meeting, or, technically, existing of 1038 target... But as market has failed multiple attempts to move above MPP - this increases chances of downward action:
gold_d_10_12_15.

On 4-hour chart theoretically, we could suggest, say, appearing of butterfly "Sell" pattern, until 1066 lows are valid. But recent action hints that this is mostly shadow possibility. Recent drop has formed some kind of bearish grabber that increases chances on AB-CD action
gold_4h_10_12_15.

That's being said, mostly we look for the same - either some kind of reversal pattern with double bottoms, may be DRPO "Buy"... Or, just downward continuation. Current AB=CD on 4-hour chart represents just minimal downward action, in reality it could be stronger, right to the bottom...
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YOU ARE NEVER LEFT ALONE

YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
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.