(Notations on Chart)
(This is a personal price work table for this commodity and no suggestion to trade given. My directional bias is drawn from the data and my use of action/reaction tools with the understanding that I am translating the intent of commercial participants transactions.)
Price has stepped off its former down sloping trajectory at 41.92/44.36 and must now give reason to attract support for advance on new slope. Red step off line must remain valid to confirm this idea. Commercial buy orders in zone 43.75-42.00.
For me, the market tells its story through price structure within validated slopes, identifying the large participants areas of activity and translating candlestick signals. Allow price to tell you its story.
This is not a recommendation to buy or sell this instrument. The markets carry risk.
June 23, 2014
Gold has a change in behavior and on the frequency of its new Up Sloping Fork. Price now has to navigate the 1320.00 check point. Potential support 1312.00. Moderate advance target at 1400 area -August 6-12. Keep eye on U$D.
Not a recommendation to buy or sell this commodity.......
when price turns before reaching its next logical line (In this case , the down sloping Median Line) it's an indication of a larger counter move. A buy may be entered when price crosses the TL it was responding to on current drop. My prop. calc. puts TG @ 1.7056.
If price fails at the TL, I'll consider this thrust as a price mark-up to catch out new...
Price has plunged lower through its Action line and its newest Median line. So far, price is failing to make it back to these lines even though Support came into market on the 3rd visit to 1.3678. With 4 settlements above this level, the probability increases for price to retest lines.