October 6, 2016

  • 4 Hour time frame continues to show a contraction pattern. Price yet to make a decisive move.
  • Moving average lines in daily chart are crucial. Daily candle closing outside these lines may trigger a bigger directional move.
  • GOLD BEARISH PRICE ACTION
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  • Gold Month chart shows weakness near Month cloud.
  • Weekly chart has broken down from the descending triangle.
  • Next support level or target zone for this breakdown is near 1210.
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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