This week saw consolidation and breakout into an ascending channel with solid demand signalled on Nov 6 and Nov 12. Still headwinds and resistance. This is Gold priced in US Dollars. Since DX is churning sideways and basket currencies finding their footing, gold caught a bid. 2015 may very well see DX climb through supply (resistance) This would put more pressure...
Probe higher today led to selling as other basket currencies found support and bidders.
Holding up so far. 2014.11.06 #2 Excess Demand signal calculated. Tentative so far. $113.68 support held up. Most likely target is $123.33 L9 Cyclical Support. Much depends on DX DXY US Dollar and CL Crude futures.
US Dollar showing signs of distribution as evidenced by accumulation in E6 Euro, J6 Yen and A6 Australian Dollar. #1 Short term excess supply signal has been flashing on/off today signalling a high probability of more selling. Note: no new cyclical support or resistance levels have calculated and printed at this time. This distribution will most likely take a...
Accumulation. Near term swing low is within sight. $DX_F DXY US Dollar is encountering supply from $88 - 92 at the same time. $J6_F $USDJPY Japanese Yen is near support. All the major currencies are displaying a near term change in trend. More confirmation needed. Seeing early signs.