Gold Analysis 28 November 2017
The dollar currency continue move down last week because it doesn’t has new support and last Friday USA stock markets is close.
Technical analysis of dollar index is making divergent on time fame 1 hour chart and 4 hour chart that is reversal signal period 1-10 days. If we mix technical and fundamental is the same direction because...
USDJPY Analysis 28 November 2017
The dollar currency continued decrees because unstable economic situation. Though Jennet Yellen comment about hike interest rate on December but she concern about inflation that hike rate fast maybe inflation not rise to goal of central bank. So investor concern about unstable situation then they move money to safe asset like gold...
Two days ago, we have already pointed out that the 4-hour chart as a form of Double bottom after prices came down hard during the week, at this time, prices have risen around 1290 to 1293. When we draw the Fibonacci Line then we can expect the price to be run in the future. The first target price would be running for the 1296 and if It has power price may be over...
Price pattern :Now Gold chart crated double bottom pattern and price breakout neckline. Therefore we should open position and take profit that price 1303
Elliott wave: You can see wave 1 that price about 1290 therefore price should decreasing around 1284 You can open position that price around 1303 is first target and second target is 1310 for extension
The chart created double bottom pattern that price will move up to 171.63 is first target and extension price move up to 171.86 in second target. You can open position now and close order when price below 170.80 . Now the price move sideway and created triangle pattern. In the future I think price move up nearly.
Now pattern created double bottom pattern which is reversal pattern. Fibonacci racteament 0.618 is 1299.96 should be the reversal area. There fore you should open order when the price touch near 1299.96 area and you could take profit at the first target at 1312.07 . But if it extension happen it would end at 1331.66 which will be second target area
You should open long position when the price is over 1250. Because it is bullish engulfing pattern, and the price cannot break out fibonacci at 0.764. Therefore the price will rebound to go to 1277 and 1306 in extension.
At the moment, the pattern of daily chart is triangle so gold price should be decrese to 1260 at the frist target and 1230 at the second target. If gold price extend to 1180, the trend will be change to go up.