Gold: Eyes on The Dowside Support Levels in Nov
I'm happy to find the predictions on major pairs, commodities(gold and oil )and indices going well in Octorber, really a season for harvesting.As it the first month for a newcomer like me in this community, I'm feeling really happy to receive praises and gratitudes from traders all around.Thanks for all of your inspirations!
Actually I've updating the series on gold in Chinese edition since Oct 18th, generally holding the bearish idea given the rate hiking situation.
Now on daily chart price is breaking the Inscribed rising trendline(the blue dashed line) at 1270. Also a bearish gartley pattern formed near 1278 with negative rsi gave us a good short entry point in intraday trading yesterday. 1280-1285 now act as an important resistance zone.
I'm still showing confidence in US economy and the buck , and the price may keep going down with target at 1235, which aslo a potential PRZ to set up long trades.Besides the 1235 level concides with the 127% EXT of AB leg in the right, one of the target using wave analysis.
Let's keep it simple, 1260 will be a really hard bone to take until an amazing NFP data this Friday. After that 1250 and 1235 will be tested in November, then 1220 and ultimate 1200 level.
If u show interest in seeing the charts I've been updating since mid Oct, u can simply click the link below and check the charts regardless of Chinese texts.
Actually I've updating the series on gold in Chinese edition since Oct 18th, generally holding the bearish idea given the rate hiking situation.
Now on daily chart price is breaking the Inscribed rising trendline(the blue dashed line) at 1270. Also a bearish gartley pattern formed near 1278 with negative rsi gave us a good short entry point in intraday trading yesterday. 1280-1285 now act as an important resistance zone.
I'm still showing confidence in US economy and the buck , and the price may keep going down with target at 1235, which aslo a potential PRZ to set up long trades.Besides the 1235 level concides with the 127% EXT of AB leg in the right, one of the target using wave analysis.
Let's keep it simple, 1260 will be a really hard bone to take until an amazing NFP data this Friday. After that 1250 and 1235 will be tested in November, then 1220 and ultimate 1200 level.
If u show interest in seeing the charts I've been updating since mid Oct, u can simply click the link below and check the charts regardless of Chinese texts.
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