Technician

Gold: Breakout Very Close

FX:XAUUSD   Gold / U.S. Dollar
629 16 5
Gold             has taken 1270.00 reistsance, by re-assesing the weekly and daily chart I look for:
A Weekly closing above 1270 is necessary to confirm a possible leg higher OR a multi-day closing above the new upward slopping neckline for the inverted head and shoulders . That would open the door for further potential gains over the coming weeks. Upside targets start at 1360.

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great job Mr hawkeye :)
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Technician TOP NizarRahalii
haha, thanks for mr new great contributor
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Technician TOP NizarRahalii
Please follow me @ https://twitter.com/FxInstinct
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thatguy Technician
Done... appreciate your work... any chance you could have a squiz @ PALL?
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a squiz @ PALL? what does that mean?
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thatguy Technician
Please accept my apologies... I meant could you please have a look at palladium and any advice on how to trade it At the moment would be kindly appreciated :)
Palladium
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what is ur time horizon?
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thatguy Technician
Unsure, I usually only concentrate on gold, silver and copper... but with all the coiling going on I keep being drawn back to this setup. I seem to be biased towards the long side. I would assume a break of 750 and it's on?? Seems like a nice opportunity.
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well, its actually stuck in a trading range. Now its struggling at 717-718 resistance, for me to be more positive i would wait for clear daily closing above 718
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thatguy Technician
Thanx will keep that in mind. Gold seems to be travelling nicely 200DMA up ahead :)
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Was the yellen taper pullback a retest of the NL?
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not really for me, as we haven't witnessed a real breakout yet, pullbacks usually follow breakouts. There is no breakout yet
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I am wainting the breakout. Wish you all many pips :)
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I think it occurs at 1290
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snapshot


Breakout , lets see how things evolve now
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thatguy Technician
1320 seems to be slowing down gold a little. It does coincide with the April smackdown lows. But IMHO it looks weak, any thoughts?
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