18.4~$22 range. Watch out for that in the coming days...
Gold is nearly its 5 year downtrend line too, with a higher high price made.
Could expect $1500~1900 once again once gold breaks $1320
Gold is currently in a strong mood. Macro economics wise it is really a short, because of the strong markets. It could be debated that gold isn't just a harbor used when the sea is wild. In any market it's obvious that there is a lot of money out there that needs to be invested. So I dare to go in long on gold these days.
The price finally confirmed the reversal breaking above the resistance.
We got small correction on lower time frame (wave b).
The yellow zigzag shows the anticipated path.
Now the metal aims at 18.28-19.98 according to Fibonacci projections.
Then we should see the larger correction.
And then another leg upside, probably the final before the huge drop...
Gold has pulled back to the .382 fib and key daily resistance (USD 1206.95/oz) where price is currently stalling. I will watch for bearish price action around this level and enter a position on a break down of the 2hr ascending channel.
Copper Weekly – At the beginning of 2011, Copper made a directional change and has fallen more than 50% to date. However, with the copper demand growing, the commodity could be ready to make its next directional change in the coming months. China, the largest consumer of copper, is seeing its economy stabilising once again after suffering during the first half of...
Weekly are making higher lows. A clear break and close above green box would provide long opportunity. Enter at the pullback at the green box again. Entry area are marked.
On gold, we are inside of a monthly (1238.23-1205.49) and weekly (1243.13-1205.49) demand zones. There is also a daily supply zone formed just above us but this zone working out is low probability.
We have 2 alternatives that may happen here;
1- Red: We may go to lower timeframes and look for good buying opportunities right now and ride the price till daily supply...
Silver is trying to reach weekly and monthly demand zone below. By doing so, it has been creating several daily supply zones too. Each of them are good for selling opportunies.
We may again see sellers to emerge at around 16.541-16.210 daily supply zone.
In coming days, we may see some high probability buying opportunities for medium-term positions once we reach...
TOP-DOWN ANALYSIS
MONTHLY: we are currently inside of a monthly demand and expecting a bounce from this zone
DAILY: the price is far away of a daily supply now, and it may want to test it
H4: it has just created a new H4 demand zone. Test of the zone should be a good buying opportunity
TP1: just before the H4 candle wick
TP2: trail the stop till...
Since it is very low on the altitude for shorts, we should just look for a quick 1:1, not more.
This trade is an aggressive one
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