4xForecaster
Short

$GOLD Nears Critical Support @ 74.50 | #Gold $XAU

NASDAQ:GOLD   RANDGOLD RES LTD
Friends,

Predictive/forecasting model is bearish on $Gold, having defined significant R/S levels as follows:

1 - Strongest resistance within the 80.94/81.63 range
2 - Moderate support with reversal potential at 74.50
3 - Strong support with break-thru risk at 74.04

Also, model defines the following conditional targets, provided breach of 74.04:

1 - TG-1 = 69.31 - 16 MAY 14: Moderate probability of reversal if reached. Consider reversal to 74.04/74.50 range

and

2 - TG- = 64.64 - 16 MAY14: Moderate probability of reversal

A lower target also exists at this point, pending development of conditions defined above.

Just as the current ( bearish ) $Copper price may relate to the financial chart of $SCCO company, the current price of the metal may impact this $Gold company.

The relevant part to Forex would play out through correlations, such that we might see a decline in the price of gold             , silver             and copper             bearing down on commodity-tethered pairs, such as $AUD, $NZD, $CAD, and indirectly on $EURUSD. Inversely, these changes may buoy USDollar             index and its Forex pairs.


OVERALL:

Directional bias is both bearish on basis of predictive/forecasting model and this trader's technical interpretation.

Cheers,


David Alcindor
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

Signal Service or Private Course - Contact: admin@KADAInstitute.com
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20 MAY 2014 - Update:

As price approached the defined support levels, 74.04 remains the conditional R/S line defining a future price action, in the way of rallying or falling. In the case of a rally, the upside remains limited relative to the downside. This chart remains net-bearish per predictive/forecasting model.

Cheers,

David Alcindor
Predictive Analysis/Forecasting
Reply
timwest PRO 4xForecaster
2 years ago
This rally came out of nowhere - What are you thinking here David?
Reply
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