ali.se.18
Short

MA and Structure Analysis XAU/USD 17/10/2014

FX:XAUUSD   Gold / U.S. Dollar
We saw a nice correction towards 50 MA on the daily chart and it got perfectly rejected at the structure at 1240.

Now 3 days we have lower highs and this indicates lower strenght for the bulls. We can expect a retest of previous structure lows at 1183.
Too early to call it rejected at 1240, futures closed at 1239!!
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ali.se.18 LudmilaHanania
1239 is still below 1240
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1243 is higher than 1240, i exited 5 contracts at 1243 , will hold the other 5 for now with a stop at break even, I think we saw the low for Gold, 1055 is the lowest target I see, but I think we are heading to $1352 .
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ali.se.18 LudmilaHanania
Well. Look now
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Whats your thoughts on a cypher to 1153 -1163 area?
I am one of the few left, well we are!

Then to one step further in pattern analysis, a Bullish Wolfe wave back to about here!

Glenn
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ali.se.18 Iskandarglenn
Imo this whole movements and if you watch forex and DXY you can see that all these seems to be a small correction. For me Dollar is still strong and will gain strengh until early 2015. So therefore we can see new lows on Gold and new highs on DXY.
+1 Reply
Iskandarglenn ali.se.18
Yes. Agree.
Thank you
glenn
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1183?
Reply
ali.se.18 Iskandarglenn
Yes thank you. My mistake :D
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