W-TREND: Most weekly readings show that gold is still in Bullish Trend, but the strength is dissipating. range of 1310-1375 (Monthly range) should be monitored.
Immediate support by EMA10 is at 1318.3 with Tenkan at 1305.
Below it we have intermediate MA21 @ 1281 + Kinjun 1270 and stronger EMA200+250 @1260
Re MA: Strong Range given by MA200 at 1299 and MA250 at 1372.
W-PSAR is at 1257.
Levels must be noted as in a bull trend, it is always prudent to buy on good support (unles it is broken, hence the stop loss)
Immediate support by EMA10 is at 1318.3 with Tenkan at 1305.
Below it we have intermediate MA21 @ 1281 + Kinjun 1270 and stronger EMA200+250 @1260
Re MA: Strong Range given by MA200 at 1299 and MA250 at 1372.
W-PSAR is at 1257.
Levels must be noted as in a bull trend, it is always prudent to buy on good support (unles it is broken, hence the stop loss)
Note
On to the Daily:It is clearer now that, in daily periods, gold is in sideway trend. Although now as it seems, gold have a better-than-little chance to slide lower, I am guessing that 1335-1340 gives quite a strong support. So at Monday opening, (I could be wrong as i have been many times) asia might buy this up to 1350.
Good scenario: daily before the end of next week (maybe spanked by any news) should have a close above 1366.
Bad scenaratio: if lower lows are to be had and highs fail to be made, what happens in May, as highlighted, might repeat in August. 1290-1300 (psychological level + MA100 coming soon by then) should give a good bounce.
Note
9AUG16 Daily Very tiny doji candle. Now it looks as if the burden is heavier than the force. One more push to DMI cross, then I can hear ambulance sirene. To remind myself, gold is in sideway trend.
Good scenario: intraday still has some chances but need to do it fast.
Bad scenario: the longer gold stays, the more chance for the lower lows.
Note
Note
Gold managed to make a turn. So from previous daily note, the good scenario has a good chance. I guess gold can make good use of the moment to open up a new heaven.Fail-safe plan: touch on 1340
Note
Note
10 Aug 16 7:05 pm
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.