Sive Morten
Special Consultant to the FPA
- Messages
- 18,685
Good morning,
Gold market has shown outstanding performance yesterday. This action is important not just because of distance that has been passed, but because of our weekly DRPO "Buy" pattern. This action is precisely the one that you want to see when you're dealing with DRPO. It means that we have a direction for 1-2 weeks and this direction is up. DRPO suggests action somewhere to 1260 area.
Meantime, on daily chart gold has reached Fib resistance and daily OB. It means that during nearest few sessions some retracement is possible:
4H time shows that major targets have not been hit - 1.618 butterfly extension and our AB-CD OP target @1235. This is the first area where gold will gravitate to:
Combining 4H/1H picture we could get B&B "Buy" setup around 1208 area, which will be major 3/8 Fib level and broken border of 4H channel. It could be re-tested by price. If we will get "222" Buy there - it would be just perfect.
That's being said, direction is up, but we need to wait for proper entry area.
Gold market has shown outstanding performance yesterday. This action is important not just because of distance that has been passed, but because of our weekly DRPO "Buy" pattern. This action is precisely the one that you want to see when you're dealing with DRPO. It means that we have a direction for 1-2 weeks and this direction is up. DRPO suggests action somewhere to 1260 area.
Meantime, on daily chart gold has reached Fib resistance and daily OB. It means that during nearest few sessions some retracement is possible:
4H time shows that major targets have not been hit - 1.618 butterfly extension and our AB-CD OP target @1235. This is the first area where gold will gravitate to:
Combining 4H/1H picture we could get B&B "Buy" setup around 1208 area, which will be major 3/8 Fib level and broken border of 4H channel. It could be re-tested by price. If we will get "222" Buy there - it would be just perfect.
That's being said, direction is up, but we need to wait for proper entry area.
