Here are the key points for XAUEUR:
- Trend. I find the trend clearly up; the breakout from the long-term bearish Schiff Pitchfork seems to confirm it. Price seems to have switched from the down sloping fork to the up sloping one. The deviation from the black trendline is a sign of trend's acceleration.
- Support. The falling price has found support at the upper...
With a doubtful outlook on the world economy, people are seeking refuge in gold.
I already bought some gold at 972eur, and looking to enlarge my position around 1050-1060.
Price Patterns: "Bat"
The Bat Pattern, is a precise harmonic pattern discovered by Scott Carney in 2001
The pattern incorporates the 0.886XA retracement, as the defining element in the Potential Reversal Zone (PRZ).
The B point retracement must be less than a 0.618, preferably a 0.50 or 0.382 of the XA leg. The Bat utilizes a minimum 1.618BC projection.
In...
Currently consolidating under the T.L support but further decline seems likely.Under T.L resistance from Nov 3rd continue to look for shorts.In medium term we may see 960-940 levels come into play.If we break below these levels decline may extend further.
Everybody is looking at USGOLD now, here i found a clear long term opportunity to buy gold.
This setup is also supported buy Elliott Waves but i think the technical analysis is enough.
Looking at W1 chart we have:
- Price bouncing from trendline support
- 0.61 fib retracement
- bullish hidden divergence
- AB=CD pattern (weekly)
Here on D1 chart:
- bullish...
