Gold is still within its long term wedge
As the price hit the higher ends of the wedge it was rejected
A head and shoulders has formed
The neck line has been broken
And so has the low
They predicted the retracement
Now they see the sellers once again taking back control of the market
1) BREAK OFF 100 + 50 SMA
2) BREAK OF PENNANT LOW
3) CANDLE CLOSE
Both have forecast cable going to 1.2650 then down to 1.1500
The Sellers have been very much in control of this market
Now they are approaching a number of support lines where they will reach walls of buyers
Can they keep on over powering the buyers?
USD index is coming up to a key resistance off 100.
Can the market break this level and if it does how high can it go?
Currently the Fed Fund Futures are pricing in about a 70% chance of a rate hike.
Will we have a re-test of 100 or will the USD push higher against the JPY
USD strong against the SGD since 2012
Buyers dominating once again
USD is strong
Has been in a long term bull trend against the SGD
Buyers are dominating this market
Gold is arguably still in a bull trend from 2001
We have seen a pull back and the formation of a descending wedge
Will we see a break of the wedge and a break of 1400?
Long term bull trend with a recent pullback in the market.
Offering the opportunity to buy the dips
INDICATION OF BUYER STRENGTH BEING BACK IN THE MARKET
VERY NICE LONG-TERM BULL TREND
Euro currently looking fundamentally weak against the US Dollar as a December Rate Hike will cause a further divergence between their monetary policies.