THIS CHART SHOWS US TWO DIFFERENT WEDGE FORMATIONS:
A: FALLING WEDGE .....SO IT WAS NORMAL THAT AFTER THIS FORMATION GOLD WENT UP
B: RISING WEDGE : AT THE END OF THIS FORMATION, GOLD WILL DOWN
AFTER EACH FORMATION GOLD MAKE THE OPPOSITE ACTION (FALLING WEDGE=GOLD RISING - RISING WEDGE=GOLD FALLING)
FALLING WILL BE ENDING AT 1309, IF NOT THEN IT WILL BE 1295
Comments
Serkan G
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in few minutes we will see 1328
Serkan G
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if you want to take some risk buy between
1328-1322 and sell after the data (normally the data should be bad)
Serkan G
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data doesn't matter anymore.....maybe after data it will rise again till 1347 but gold is waiting for Yellen's statement in front of the Senate.....everybody wants to know what her ideas are......which strategy she will follow etc.......Be careful...but think you can earn some money if you buy today 5 minutes before the data and sell it immediately after the data....
alex.a
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my buy position that I left over there... I hope I can manage that, too - Thanks a lot for everything. How long have you been trading Gold, may I ask? You know XAU.USD market like in your palm of your hand ~ up or down the trend too well -
alex.a
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Last time, only one hit at this lowest of today and XAU changed it's direction. let's see what will happen for today.
Serkan G
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there will be some volatility during the day but i don't think anymore that it will be go down.....we saw 1339 and that was the minimum...thin it will go 1383-1392 after fomc statement
alex.a
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Why? What do you expect during the meeting?
alex.a
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Bad CPI dropped dollar but some organization bought it back up before CPI annoucement
Serkan G
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has nothing to do with the dollar.....there are other organisations who normally manipulate the rate on such days but seems that they do not have enough gold in hands to do it..................maybe the still will do it, 5 minutes before the statement????
alex.a
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Then, when do you think it will turn back down, after reaching what?