Gold Daily Video, October 14, 2013

[Sive Morten]

Good morning,
Gold market stands at important level and further action could establish direction for medium-term period. In fact, the direction depends on whether gold will hold above current support or not:





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.

 

[MeLasz]

I guess I'm starting to learn something from Your analysis, because I have come to same conclusions and it's very nice to see a confirmation of my views in this video
What are Your toughs about the H&S pattern on the daily tf?

 

[Sive Morten]

I guess I'm starting to learn something from Your analysis, because I have come to same conclusions and it's very nice to see a confirmation of my views in this video
What are Your toughs about the H&S pattern on the daily tf?

Hardly this could be treated as H&S, except may be just shape of price action. H&S should appear at top after significant move up, since this is reversal pattern. But here it is forming after shy bounce up in the middle of previous move down. I just forgot to write about it in update...

 

[MeLasz]

Thank You, I was just a little confused I think, because of this quote from the weekly analysis
"... which represents the low from Aug. 7, Oct. 2, and the neckline of a head-and-shoulder continuation pattern, said Jonathan Krinsky, chief technical market analyst at institutional trading firm Miller Tabak..."
thought I know it wrong...