XAU/USD Spot Gold

The potential for a large dose of short is certainly there. If market is in a mood to speculate about rate hikes for either the Euro or USD being on the cards after NFP last week, gold will likely take a thumping as money is pulled out and put into asset class currencies.

There's a nice inverted hammer on UCHF daily and some ema support below - if it follows through the next candle should be a bull with a daily close level to the top of the wick on Friday's candle. That said, when the numbers are good on NFP the USD can have a good showing only to have it undone the very next session.

Of late however, Europe has been buying gold if the Euro looks wobbly. Europe normally seems to prefer to sell gold (well, they don't generally do such a spectacular job of buying the shiny stuff as the US session does - the US seems to have something of an obsession with it).

If intending to sell gold, it can be better to wait until the US is in session, because they have a habit of un-doing whatever Europe has done with it and then sending it wherever they please, i.e. if the US session isn't of a mind to short gold, it won't happen.... but if they are, watch out below. My 2c.

Will be an interesting week.

took an early bite off this bfly pattern at 1472.46, also on H4

ascending broadening wedge to play out? http://www.dailymarkets.com/stock/20...adening-wedge/

2 tgts, 1st 1457 (blue bar) then if it breaks support to reach technical target 1442




government shutdwn notwithstanding

mmm... very tempting, but that USD is dropping like a rock, maybe 74.20 could stop it (USDX)), really dangerous territory atm.......

tempted and got hurt...fool's gold considering i had RR 1:3 at 1466 and took none off the table....hmm...lets see now where's rule#34 - hit singles, not homeruns

roger u on that support bounce at 74.20, if thats broken i'll take the bounce off bat pattern at 72.45 AB-CD (0.854ret/1.128ext)

point A(91.38 nov 08), B(74.20 nov09), C(88.70 jul10) and D(projected 72.45) this is all on weekly chart (sorry no chart)

green pips to all

Looking for resistance around 1510 coinsiding a double USDX bottom around 74.25

H4:

http://www.forexfactory.com/attachme...6&d=1303635083

It seems that a new downtrend will be start soon.

Regards- Behzad

i m not agreedwith u!

i m waiting +1520

Sure it is possible to have a new high. Anything is possible in the Market, but for sure we are located in a serious cluster.

Behzad

maximum 1480 retrace possible
target +1520

I am thinking more about 1450 region... specially after all of this up up up action. We will see by tomorrow I guess...

im agree with behzad,,,,

in technical ::::from 2month ago in macd indicator and rsi we have reguler divergenc and rsi now is in 70 and its overbougth point.


in funds::::arab problems was big trrible for gold and oil price
but in other way in the arabs country that have more gold buyer its neer that soudi arabia be normaly and in other country like bahrain and all of persiangolf coutreis goverment going to be at normally positions.


so there is not any big reason for spiders or investors to buy more gold for long term.

its possible to start new downtrend for gold.

http://www.forexfactory.com/showpost...postcount=1069

did you count elliot 5 waves and now you expecting a b c?

means you are looking xau/usd 1200?

Wow!

Selling gold because of a 5 wave pattern?

Gold downtrend?

This thread is too rich for me. LOL!

Someone educate me on Elliot Wave here. The 5th wave is the corrective wave, right? So, if the trend is up and corrective wave is down... If the trend is still up, does that mean a new wave pattern starts to the upside after the 5th wave is finished?

5th wave is the last of the impulse wave. If up.... 1 up, 2 down, 3 up, 4 down 5 up.

You can also have a running "B" correction where the following down 3 wave correction would have the 2nd or "B" wave making another high.

fwiw

As shown in pictuer 5th wave is waiting.
My first target as i told before is 1522 and i am very hope full for this target. Meanwhile i am also long from 1495.

Yes i am also shoked to see his chart.