Gold Daily Video, 21 November, 2015

[Sive Morten]

Good morning,

Gold has formed DPRO "Buy" pattern on daily chart. But some technical nuances hold us on guard and do not let us relax and just blindly follow DRPO:




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.

 

[VStar]

Hey Sive,
Let me see if I've got this straight .
Try a small Long @ 1062.32, but if it drops much farther close and go short at 1056.72 ?
Mike

 

[Sive Morten]

Let me see if I've got this straight .
Try a small Long @ 1062.32, but if it drops much farther close and go short at 1056.72 ?

Yes, aproximately so. But not right at 1056 - market has to close below this level. This will be DRPO "Failure" confirmation.
Right now ,if you've taken long - you should feel Ok. Current action stands in favor of direct DRPO by far... Let's see what will happen further. If gold will give us an exception when DRPO really will work - that will be just perfect...

 

[VStar]

Well I watched last night and thought it wasn't going to make it down to the $1062 mark. Even today I missed the boat. I'm finding a combination 14,21,50 200 and 800 EMA's to work better then Fib's, and watching EURO/USD a lot more helpful. Gold seems to follow the euro most of the time. But there's a lot of emotion intertwined with gold. You just have to take everything into account.

 

[Sive Morten]

Even today I missed the boat.

Yes, in weekly research we've warned about possible "retracement absence", since gold was forming pennant on 15-min chart that assumes straight move up... So, looks like defninitely this type of action has happened...