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

FX:XAUUSD   Gold Spot / U.S. Dollar
606 9
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!!
Reply LudmilaHanania
1239 is still below 1240
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 .
Reply LudmilaHanania
Well. Look now
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!

Reply 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
Yes. Agree.
Thank you
Reply Iskandarglenn
Yes thank you. My mistake :D
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