October 30, 2014

  • For the very short term One hour time frame has given support.
  • Daily though is acting as resistance. Price need to stay above the daily cloud for extending the up move.
  • Weekly chart shows price acting as support for the recent correction.




 
 
  • Gold Bounce in daily time frame was limited to the Ichimoku cloud.
  • Now price is testing the crucial support zone shown in weekly chart.
  • If the basing formation continues another bounce is possible. Gold bears need a weekly close below this zone for bigger breakdowns to follow.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore