GOLD: some moves
Hi Guys,
the above moves are inversely correlated with USD/JPY (below).
Vertical lines defines time periods.
In these periods of time, when Gold goes for an high (or top), the pair goes for a low (or bottom).
During the last time period, from 23 March to 16 August, Gold went from a high (1360) to a low (1160). In the same period of time USD/JPY went from a low to a high.
So far so good, but what happened after the 16 August?
It happened that Gold went off its lows whilst USD/JPY went higher than the high made on the 16 August.
What does it mean?
It mean that the move that USD/JPY started on the 23 March has not ended yet. USD/JPY made an higher high on the 3 October and is attacking it again just before the release of the FOMC minutes tomorrow.
And if the move that USD/JPY started on the 23 March has not ended yet, what does it mean for Gold?
IMHO it means that GOLD low of 16 August could be re-tested if USD/JPY keeps moving higer. However, if you think that Gold bottomed on the 16 August, then USD/JPY is just making a top. LOL
I hope the charts that I've drawn provide a more understandable scenario then the one I am writing. Lol
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
the above moves are inversely correlated with USD/JPY (below).
Vertical lines defines time periods.
In these periods of time, when Gold goes for an high (or top), the pair goes for a low (or bottom).
During the last time period, from 23 March to 16 August, Gold went from a high (1360) to a low (1160). In the same period of time USD/JPY went from a low to a high.
So far so good, but what happened after the 16 August?
It happened that Gold went off its lows whilst USD/JPY went higher than the high made on the 16 August.
What does it mean?
It mean that the move that USD/JPY started on the 23 March has not ended yet. USD/JPY made an higher high on the 3 October and is attacking it again just before the release of the FOMC minutes tomorrow.
And if the move that USD/JPY started on the 23 March has not ended yet, what does it mean for Gold?
IMHO it means that GOLD low of 16 August could be re-tested if USD/JPY keeps moving higer. However, if you think that Gold bottomed on the 16 August, then USD/JPY is just making a top. LOL
I hope the charts that I've drawn provide a more understandable scenario then the one I am writing. Lol
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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