Gold Daily Video, 04 January 2017

[Sive Morten]

Good morning,

Situation on gold market changes slowly. As market has reached 1165 resistance area, we expect to see deep retracement down:



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.

 

[Greg Davies]

Sive the CAD actually fell a tiny bit yesterday so I'm a bit confused as to how you can say that it showed some upward action. I went long yesterday so of course I'm in drawdown and my moving my stop to BE is impossible.

 

[Greg Davies]

When I say the CAD fell I of course mean USDCAD (so it's the USD that fell) but you know that.

 

[Sive Morten]

Sive the CAD actually fell a tiny bit yesterday so I'm a bit confused as to how you can say that it showed some upward action. I went long yesterday so of course I'm in drawdown and my moving my stop to BE is impossible.

Hi Greg,
My words are based on a moment in video. Two days ago, we talked on long entry at 1.34, while yesterday in the morning CAD was at 1.3448. Actually it has started upside action. That's why I've said move stops to breakeven.
But anyway B&B has not worked. Support has provided background for just 50 pips bounce...