October 11, 2013

GOLD bearish price action

  • Gold 4 Hour chart shows price breaking support levels.
  • Daily chart shows price breaking the neck line of a head and shoulders pattern. Daily chart with fib levels shows price violating golden ratio. Gold bears need a close below these levels for a bigger fall to happen.
  • DOW Jones Analysis after closing bell

1 comment:

  1. End of Week Review
    Today is expiration. What a ramp job yesterday and today.

    I wonder how many bears were salivating over their put profits which vaporized into burnt bear?

    Usually Thursday and Friday of Expiry are fairly boring with some quick ramping action to scare people out of option positions. This one was not like that!

    Then usually after Expiry, Monday and Tuesday show some big moves. Not sure if that will happen here as this has been atypical.

    Below are an assortment of charts and indicators, all are proprietary ratios or charting methods.

    I went long gold futures based on the Egg Pierce and the Bernoulli 50 support.

    Palladium looks like a no brainer long, and it has a great story, plus it has an excellent inverted head and shoulders and we are at the end.