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Gold Breaks Through Resistance on Strong Up DayGold broke out of the 1220 resistance level today and pushed up to a daily high of 1237.5. This was the breakout that I had been waiting for. Gold clearly wants to go higher. The first target is the .618 extension of the move from January @ 1241.7. A more likely target is 1278.6 which would be the measured move of the (A) wave. I have put the probably extensions on the daily chart. It's interesting to note that there is a lot of options speculation at the 1267 level which is the .88 fib extension. A number of harmonic patterns use the .88 fib level so I am expecting to see some resistance there although only price action will tell how strong the resistance will actually be. If the theory that last year was the start of a new bull market for the precious metal, then this is indeed an exciting time to be a gold bull! I've highlighted the cyan BB at 1228.9 as a pullback area if you are looking to add to an existing position. The Heikin-Ashi chart shows a strong bull trend. Personally I will not be taking any profits until the first red candle. :-) This final chart is the weekly view with the fib extension from the low on Nov. 30, 2015 @ 1045. This shows the measured move @ 1457.9.
COMEX:GCJ2017Long
by GoldBands
EURCAD SYMMETRICAL TRIANGLE, BROADENING WEDGE, MOVING AVGEURCAD D1 Symmetrical Triangle, break out either direction Broadening Wedge Inside Triangle which usually Sells Off 55% (Bulkowski ) 100 and 200 ma crossing suggests Down Trend Right now price is stymied by 100ma on WK Volume needed to push lower. Price resistance above by 50 ma. Volume needed to move lower. Historically in downtrends price remains below 50ma giving more rise to short bias. Sell Signal: When Daily closes outside of trendline on triangle. I believe this price action is representative of the weekly changing trend direction and creating a new channel. Hence, the broadening wedge. She's most likely a sell at the appropriate time
Short
by dead2live
1
USD/CAD BREAKS DAILY RANGE - POTENTIAL LOW RISK TRADEA DAILY CLOSE ABOVE RANGE RESISTANCE INDICATES POTENTIAL FURTHER UPSIDE, A CLEAR BREAKOUT OF LONG TERM RANGE EXPOSES 1.2520's THE 150 DAY MA THAT WAS PREVIOUS RESISTANCE ON 4H CHART HAS BEEN BROKEN, A POTENTIAL MA CROSSOVER TO THE UPSIDE CANNOT BE RULED OUT EITHER - ADDING TO FURTHER CONFIRMATION OF UPSIDE POTENTIAL A RETEST OF PREVIOUS RESISTANCE TURNED SUPPORT CANNOT BE RULED OUT, A HOLD OF THIS LEVEL WOULD BE SIGNIFICANT - LITTLE RESISTANCE LIES AHEAD OF THE DOLLAR AND FOLLOWS THE LONG TERM BULL TREND OF THE PAIR
Long
by JoeNeilCarey