Gold Daily Video, 01 December, 2016

[Sive Morten]

Good morning,

So, gold indeed has dropped slightly lower, but right now major question is what will happen next? Will gold be strong enough to form bullish reversal pattern here?



The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[leo4fx]

Hi Sive,

I have been looking at the charts for usd/jpy today It looks very very overbought.
It also seems to be highly correlated with gold.
What do you think about selling the Yen & buying gold ?

 

[Sive Morten]

Hi Sive,

I have been looking at the charts for usd/jpy today It looks very very overbought.
It also seems to be highly correlated with gold.
What do you think about selling the Yen & buying gold ?

Hm, actually I'm not analyzed USD/JPY from perspective of gold relation... and some kind of spread trading... Anyway, rule is the same for any liquid market - context. If you have reliable context, patterns etc. you could trade anything...

I do not know what about Gold/JPY, but on Friday we've taken a look at JPY itself and it stands around strong weekly resistance. Right now we watch for DRPO "Sell" on daily chart, but we do not have it yet.

 

[vered90]

what do you think???

 

[leo4fx]

I'm also wondering if we have found the end of the current downleg

 

[Sive Morten]

I'm also wondering if we have found the end of the current downleg

Patterns, guys... no patterns yet.

 

[vered90]

confused days.