GOLD PRO Weekly August 19-23, 2013

[D.R.&Quinch]

ok just cloed aud usd and gold long

 

[D.R.&Quinch]

trying a short aud usd. also gold

 

[D.R.&Quinch]

closedv good

 

[D.R.&Quinch]

seliing again!1

 

[Triantus Shango]

sive

what do you think of this setup on daily. i know there seems to be bullish pressure and we are nearing the triangle breakout point. however, on daily, the gartley sell has not become active yet and price is still lingering in the PRZ.

MACD is showing bearish divergence in the histogram, and oscillators have been at the extreme of OB for a while now. of course, that does not mean it has to drop necessarily from here. price could still jump to 1,415 thereby creating a lower high bearish divergence in the MACD histogram as well as in other oscillators. then SELL from there.

here is also the H4 chart. if we do get a gartley like structure, and since it there is no significant S/R until 1,415/20, if we reach that level then we would get a not so harmonic Bat SELL.

or we could get a butterfly SELL if it stops right at 1.272 fib projection and extension where the yellow line indicates a significant (minor) S/R level.

market is obviously waiting for something. what will the trigger be, i wonder. at 10 am EST new home sales will be released. is that enough to trigger a jump up in gold of 200+ pips?

but i am not convinced of upside bullish pressure and think market will rather drop that go up. but that's just instinct although market has definitely plenty of room to reach 1,415/20 and then drop.

this is really a tricky one to call.

EDIT 1: and europe session is just starting and market is reaching end point of triangle...

EDIT 2: one more thing, 1,384.3 is the level to watch. we break it, and up to 1,415/20 we go. if not, the downside looms large once again with 1,353.5 the most plausible TP. do you guys agree?

EDIT 3: also, how do we reconcile a possible BULL FLAG on daily with the Gartley SELL formation? which one takes precedence?

 

[Triantus Shango]

what happened to sive? hope you are ok, sive. are you sick or on vacation?

 

[D.R.&Quinch]

HEY Triantus did u get those charts?

 

[Triantus Shango]

what charts?

HEY Triantus did u get those charts?

 

[D.R.&Quinch]

yr inbox. dropbox links

 

[D.R.&Quinch]

re sent them