Gold has been trying to break out of key resistance and the bull/bear battle is fierce causing a chop and overlap condition. That is a concern because its not a reliable pattern and can turn down at any time. The key is whether we can get above 1687 area at the mini blue line. That would open the door to 1695-1704. Until we can clear that red line with conviction this thing can still go either way.
Resistance for today is 1677-1683 in April gold and then 1687-1695. Support is the 1665-1669 area.
In summary, we still need to be cautious.
The range continues to narrow as, like a coiled spring, gold builds power and momentum ahead of the anticipated breakout of the triangle consolidation pattern.
Today's action has been similar to yesterday, though not quite as volatile, in that the price has moved up and down alternately with no real purpose or direction.
The high of the day so far is 1680 with the low of 1668, entirely within the range of the previous day (what is known as an "inside day"). The market remains well supported on any dips towards the lower boundary of the triangle, though as of yet cannot muster enough strength to move higher and challenge the upper boundary of the triangle.
The apex of the triangle arrives on 21 February, so we will get a resolution one way or the other before then. As you know, we favour a breakout to the upside, though there is a good case to be made for a downside resolution as well.
The lower boundary of the triangle is now at 1665 with the upper boundary now at 1690. For now,we watch and wait, as the triangle gets ever closer to the apex.
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
Gold has been trying to break out of key resistance and the bull/bear battle is fierce causing a chop and overlap condition. That is a concern because its not a reliable pattern and can turn down at any time. The key is whether we can get above 1687 area at the mini blue line. That would open the door to 1695-1704. Until we can clear that red line with conviction this thing can still go either way.
Resistance for today is 1677-1683 in April gold and then 1687-1695. Support is the 1665-1669 area.
In summary, we still need to be cautious.
The range continues to narrow as, like a coiled spring, gold builds power and momentum ahead of the anticipated breakout of the triangle consolidation pattern.
Today's action has been similar to yesterday, though not quite as volatile, in that the price has moved up and down alternately with no real purpose or direction.
The high of the day so far is 1680 with the low of 1668, entirely within the range of the previous day (what is known as an "inside day"). The market remains well supported on any dips towards the lower boundary of the triangle, though as of yet cannot muster enough strength to move higher and challenge the upper boundary of the triangle.
The apex of the triangle arrives on 21 February, so we will get a resolution one way or the other before then. As you know, we favour a breakout to the upside, though there is a good case to be made for a downside resolution as well.
The lower boundary of the triangle is now at 1665 with the upper boundary now at 1690. For now,we watch and wait, as the triangle gets ever closer to the apex.
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
