There really isn't much to say here except that the all time low price of 80p has been broken so there are no supports to target. Spot gold is still in a downtrend but getting closer to the key $1170 area where it should bounce, taking POG's price with it. Where from though is anyone's guess. Best now to wait for a bounce and then a higher low and then trade the 123-low breakout.Original link...

The expected retrace didn't take place and a fairly long sideways move appears to have formed the 4th wave of the last rise up from the trendline resulting a what looks to be a false breakout.Yesterday's candle was quite bearish, almost an engulfing candle and the previous day's high came with bearish divergences in RSI, MACD and even OBV (and probably other indicators too but I didn't check any more).I'd strongly favour the short side from here, perhaps a re-visit to the trendline. A break and close above 64.93p would suggest further upside. My short stop will be just above that level. Original link...

There really hasn't been much going on in recent days to give us a clue towards future movement but, at last, we have something to watch for - today's inside bar.An inside bar is when the entire day's trading range is contained within the previous day's range. Some technicians go further and even require the inside bar's range to be within the candle body of the previous day but in my view that's not necessary.The point about an inside bar is that it represents indecision. There aren't enough buyers to break the previous day's high nor enough sellers to break the previous day's low. This gives us an opportunity since we know the market is looking for the same signal as us ie direction.[Another way to view inside bars is that on smaller timeframes they're also triangles - usually of the symmetrical type - and we also know to trade...

There's been a triple whammy of RSI breakouts today which is a very bullish signal and price usually follows. Here we see the weekly chart but this, of course, could yet reverse and close inside as there's still Friday to come. I think it's unlike to do that for the following reasons.... The daily chart on the left shows a clear RSI breakout with price yet to reach its equivalent downtrend. In my experience this is usually an early signal that prices will follow.In addition, the inside bar mentioned in the previous blog entry has now broken and closed to the upside which is an added bullish signal. As we can see, the downtrend lies at 154p so that's the number to keep our eyes on tomorrow. Finally, here's the 4H chart which has been usually helpful recently in terms of RSI supports and resistance. Again, we have the RSI...

A Review The Gulf Keystone chart has become very interesting now so I thought it might be useful to review it in depth and also to see which levels will be important in the coming week and why. It'll be a lengthy piece so please bear with me.We begin with the daily chart going back to the 260p high. This is where I believe wave C of the correction down from 450p started so it's good to look at the whole sequence from there because what we're trying to establish is whether it's complete or not.This wave C should consist of 5 subwaves or a typical "impulse" or "motive" wave. These have a textbook form whereby wave 2 retraces 61.8% of wave 1 and wave 4 retraces 38.2% of wave 3. This is exactly what happened here; the 228p high was very close to the 61.8% Fib of the wave 1...