Can't see any support here. The 38.2% (1171) has been breached, next stop 23.6% (1122). It is, however, oversold.
Same time of year, fractal from last year overlaid. 38.2% fib is not great support, but a great RR if you believe it. Oversold as well.
$USDJPY at a critical juncture medium term. Wkly 100 sma @ 114.75 plus fib resistance @ 114. Downtrend line support @ 108 then 106.65 Fib support. This could affect gold, miners and equities near term as carry trades get unwound.
Extreme pessimism. If doesn't run here, more down coming
Bounced off this level numerous times now. The break out will be quite large!! Looking for the short side though. Bollinger bands are closing in.
Gold broke 76 handle few moments ago Looking for a quick TP soon at 39 levels now that more interest has been put back into USDJPY GBPUSD now on the decline after hitting its limit at where the referendum date was set.back in Feb.
Patterns are in place for a retreat.... 3 drive into Market Structure... Above 1334 on a closing basis changes the pattern and decreases the odds.
BB's "fish lips". Not wise to short the metals now
Must close >1,210.3 tomorrow to avoid it
Gold is approaching "Market Structure" Time Is In. Watch for panic flush into potential areas before the turn.
Gold price is expected to make a pull back towards $1,150-$1,190 in order to complete wave 2 down, before the resumption of the larger bullish trend that has started. This scenario gets canceled if Gold price breaks below $1,045 or if the rise from $1,045 turns out to have a corrective pattern.
THIS IS AN UPDATE FROM THE LAST POST GOLD IS FOLLOWING THE MODEL OF THE "PATH OF PRICE" WATCH FOR LATE LATE MAY THROUGH MID JUNE... BREAKING DECISVELY ABOVE 1335 NEGATES THESE PATTERNS
Gold currently testing resistance and should break through to between $1335 - $1417 levels. Break above $1417 should take us to next resistance at $1565 provided global growth concerns get worse and global depression gets worse. Make no mistake the world is in recession and this earnings season is showing how bad. NOTE: Horizontal lines are my support/resistance...
Needs time to wash early year's up thrust