Good day traders!
Weekly
Technically;
- Above is a gold weekly chart. If you’ve been following me since day one, its very rare that I comment on a weekly chart. However, lately I sense that the pattern formed on a weekly chart seems to be more reliable than any other time frame;the other is the daily chart of course.
- Now back to our chart. Gold has been trying hard to break the psycho level $1800 but it seems the sellers have set their camp well. A shooting star pattern is the next best probability that could be seen by end of this week.
- And if you noticed, you’ll find a head and shoulder formation on hourly chart. It sure is something
. - Resistance now lies at $1772 ans psycho level $1800.
- On hourly, gold opens to more downside risk. Supports are found at $1750, $1726 (fibo 50.0%) and $1680 (gap and fibo 38.2%).
- For spot traders, use 10 ema on weekly and daily chart as your entry point. Its worth the waiting.
I’m bias to the downside on short term but remain bull in medium. A correction is always good for gold.
Shufaad
60166447174
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Trading Philisopohy
“In the fields of observation, chance favors only the prepare mind”
- Louis Pasteur, Famous Chemist and Microbiologist
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Scridb filter
Thanks! Useful findings. I found another gap for GOLD at price 1589.51 (M1; 2011.09.29, 4:12), has anyone found gap lower than this? I did marked a gap at 1735 last Monday, then last night it closed! Lower than 1735 I found at 1718.60 (M1; 2011.11.02, 4:00), for today higher gap than 1735 is at 1768.79 (M1; 2011.11.10, 17:34), not sure when these gaps will be closed. Enjoy your spot GOLD trading!
Superinsi. Does M1 means 1 minute? If so, no wonder nobody found the gap
. I personally prefer higher time frame; D1 and Weekly. The pattern are better formed there. Anyway, good findings! Thanks!