So, our thoughts on gold market, that it looks bearish has been
confirmed by yesterday's drop. As we've discussed on our weekly research
- now bulls have only one hope, that market will form some kind of
pattern with two bottoms. They could be classical Double Bottom or DRPO
"Buy".
Personally I do not believe in Double Bottom here. Because market has
uncompleted AB-CD target at 1037 area. That's why I call you to skip
bullish grabber that has been formed yesterday, since it has big chances
to fail.
For DRPO moving to 1037 is positive moment. That's why we call you to
not have any long positions until market will meet 1037 target of big
AB-CD pattern:
On 4-hour chart market is forming butterfly pattern that particularly
should lead price to major target. When second part of DRPO takes the
shape of butterfly on intraday chart - this is positive sign. It makes
possible upside reversal stronger and let you to anticipate DRPO entry.
This in turn, gives you tighter stop and increase odds to shift trade to
riskless one, as soon as market will start technical bounce out from
1038 support.
BTW, it will be not just AB=CD, but 4-hour butterly and MPS1 and this is not really bad combination:
That's being said, our recommendation - wait when market will hit 1037 first.
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M Samer Al Reifae
M Samer Al Reifae
Official HiWayFX Representative in Romania
http://lordoftruth.blogspot.com/
samer@hiwayfx.com
samer@hiwayfxglobal.com
+40 734 277 757
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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.
