CitRoN_RouGe

CitRoN_RouGe

On 4H chart, MA100 works as support/resistance quite frequently. On the chart, I marked the periods when MA100 either resisted or supported the price. Last reaction from MA100 was last Monday, and the price is testing to break it now once again. Another interesting point related with MA100 vs GBPUSD price is: On the daily chart, MA100 is acting as a cycle low...

CitRoN_RouGe

I compared the correlation between Euro_ Gold_ and Dollar_ on a combined chart, and tried to figure out the periods when Euro_ and Gold_ reacted inversely to DXY_ trend. I distinguish the two factors effecting gold_prices: USD_weakness, risk appetite. Focusing on the non-economic risks, I recall these critical events since November.2016. - US election risk...

CitRoN_RouGe

Considering the exhaustion in Euro_ rally both on technical and fundamental basis, I prefer to position myself on the short side, watching for a breakout downwards. I think the price will test 1.0670 again. This level became a critical point as it is the neckline of the top SHS_ formation and it corresponds to 23.6% Fibo retracement of 1.03-1.21 rally. Looks...

CitRoN_RouGe

Overall uptrend is still supported as the price stays above MA50, but the latest momentum is bearish. Looks as if trying to test lower levels. Last week’s engulfing red candle indicates that the buyers are still not strong enough above 1300. MA10 on weekly chart resisted the upward move, and now we are back at 1280 level to test MA20 once again. I think that this...

CitRoN_RouGe Updated 

A hanging panda formation …..

CitRoN_RouGe Updated 

Descending (blue) resistance line coming from 1.2080 is active and being tested once again. If broken the red resistance line is just above around 1.1900. In case red resistance line is also overpassed, this might be a bullish signal to test 1.2080 again. If price rebounds from the descending (blue) resistance line, I expect a move down to the (orange) neckline...

CitRoN_RouGe Updated 

Following the higher high level (5800) of last Friday, I expect the price either to retrace or consolidate before making the next move for +6000. The bullish momentum is still active, but needs to breathe for the next spike. I will be watching for the possible dip points to long, no clue until now. The ballerina shall make an elegant sauté …..

CitRoN_RouGe

Fibonacci retracement levels to watch below…..

CitRoN_RouGe

After Tuesday high of 5800, price rebounded from the descending (blue) resistance line down to 5100, which corresponds to ~Fibo 23.6% retracement of 4200-5800 uptrend. Then, again it moved up to 5600 level. This looks like a bullish wedge formation, but may turn to a reverse SHS_ formation too. Need to watch whether the price breaks the blue resistance or stays...

CitRoN_RouGe

Looking at 4H chart pattern, 1305_ level is a new lower high point (descending from 8th Sep high level of 1356). And price rebounded from MA200, and is quite below MA200 now (~25$). This may be interpreted as a continuation of the bearish trend. If the price to move up again, it has to break several resistance lines together with psychological level 1300 and...

CitRoN_RouGe

The bullish momentum still needs to relax. Price moving down to collect new buyers from the next dip. In my opinion the price will make a higher high (+6000) above 5800 level, but sure it will take some time before the coming spike. I keep watching the price patterns. By the way, thanks to Monopoly Man for he taught me the concepts of winning and losing money…...

CitRoN_RouGe

Gold_ price could not climb further above the Monday peak of 1306. If it was able to reach above 1313_ level, that would be a bullish signal by a new higher high. But rebounding from 1306 level forms another lower high. Lower high series starting from 1357 continues, and the bias is still bearish in my opinion.

CitRoN_RouGe

SHS_ formation moves to almost completion. The price faced a strong reaction from MA200 on 4H chart and bounced back downwards. Downtrend signals becoming more obvious as time passes, maybe it’s the time now to see a lower low on the right side of the chart.

CitRoN_RouGe

Following 4200-5800 spike, the need for a consolidation or a correction was obvious. Price seems to consolidate within 5400-5800 band, 5800 level acting as a tough resistance for now. Watching which way the band will be broken, and still looking for a long opportunity for the next spike. Eucalyptus just above 6000…

CitRoN_RouGe Updated 

(1) Gold price retraced back from Fibo 61.8 and broke also Fibo 38.2 retracement. In my opinion this picture is a bullish signal as far as it stays above Fibo 38.2. (2) On 4H chart, EMA200 broken upside. But MA200 still resisting. (3) Red resistance line active since September. (4) Orange support line may work as a resistance line. 1300 psychological level was...

CitRoN_RouGe

The price is bounded within the (almost) symmetrical orange triangle. Break of this triangle approaches. The blue descending channel points downside. And on the Fibo retracement scale, price looks like consolidating between Fibo 23.6 and Fibo 50.0. Don’t know why but I feel as if a sharp uptrend will follow shortly after breakout. Of course technically this...

CitRoN_RouGe

We saw two striking down spikes last year: first one on the day of Brexit voting (from 1.50 to 1.30) and the second is October flash crash (from 1.35 to 1.19). Basing on the (pessimistic) dip of 1.19 level, as expected GBP appreciates slowly by making nice harmonics. Making new higher highs with reasonable retracements. Taking the last highest low at 1.30, price...

CitRoN_RouGe

SHS_ formation became more apparent. EUR waits just for a finger touch to shake it and direct it downwards. Then we will have a lot of support levels to discuss till next spring.