As COMEX closing approaches there has been a poor reaction leading us to believe that a rally may occur within the next 8 hours, so another leg down is more likely. I´m staying on hedge and will try again tomorrow to close the short position. Daily chart is not encouraging at this time for a short term rally. Daily Chart Update
Monday, September 11, 2017
15 comments:
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whats your personal expectation for the asian market , stochastics show gold oversold .
ReplyDeleteWell it you look at the weekly chart on June last year Gold corrected from 1358 down to 1307 in pretty much 3 days and then went back up to 1374 just to be sold again, markets have some historical behavior that influences market players, into expecting some supports and resistances, 1308 happens to be the 20 MA or Middle Bollinger this time and the day closes on a very solid red candle. As far as I ´m concerned I will wait either for 1347 to close the long or 1308 to close the short even if it takes a couple of days. I don´t have any thoughts about the Asian session.
DeleteOn a note, the price has not corrected below the 20 MA since the rally from 1200 started so I would expect that it provides good support because below that only 1265 and 1200 would stop it.
Deletemaybe now it is closing the gap from the las monday, lol.
Deletenow it is going deep down.
ReplyDeleteim guessing then it might hit 1317- 1318
ReplyDeleteGold price shows negative trading to test the key support 1330.30, and the price needs to hold above this level to guanratee not falling under more negative pressure on the intraday basis and turn to decline, which urges caution from the upcoming trading carefully, especially today's close and tomorrow's opening.
ReplyDeleteOverall, we are waiting for positive trading conditioned by holding above 1330.30, waiting to target 1355.50 as a first main target
and now it is 1327
DeleteThe CCI indicator on the daily graph is moving closer to the 0 mark, suggesting that the correction could extend in the near-term. The initial support for the pair could be seen at $1326 (Sep. 5 low) ahead of $1325 (20-DMA) and $1300 (psychological level). On the upside, resistances align at $1340 (daily high), $1350 (Sep. 7 high) and $1357 (Sep. 8 high).
DeleteThanks Linda . Also 1317 is the 20 EMA on the 1day chart and 100 EMA on the 4h chart .
DeleteOmar where did you get the number from? In my chart the 20 MA is @1308
Deletethe 20 EMA on the 1day chart is 1317 - 1318 no ?
DeleteThanks Linda, the 130x sounds more like it to me. The sell off is strong but also there is a gap to fill at 1347, difficult to trade before it reaches either the top or the bottom. of the range.
Deletesorry 1314- 1315 .. haven't slept in ages ..what do you think Cesar my friend ?
ReplyDeleteJust sent a chart update.
ReplyDelete