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.
Unless this bounce off of the lower median line parallel fails, the gold/euro exchange rate may still have a potential to reach 1030. It looks to me like the price is going to make another rally before it abandons the up fork altogether. So I remain bullish about it.
GOLD/EURO very oversold, at the potential support. Is it about to find some bottom or continue even lower? A week ago it was one of the strongest markets trending up! Incredible!
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...
The correction since the beginnings of 2015 appears complete (EW=a-b-c (w-x-y-x-z)) and a new rising trend is underway assisted also by the formation of a three drives pattern. The descending channel is about to be broken upwards and PMO has given a strong buy signal
