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:
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
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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M Samer Al Reifae
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samer@hiwayfxglobal.com
+40 734 277 757
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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.
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.
