Gold

Jackozy wrote: I'm really surprised that nobody followed up on this after the close on Friday night. A whopping great hammer right at multiple supports with possible bullish RSI and MACD divergences forming:

dl.dropbox.com/u/20815047/Golddaily06_01_13.gif

If this does follow through then a bounce off a 61.8% Fib is strongly suggestive of a wave 3 to come. Resistances at 1695, 1723, 1754, 1767 (trendline) and 1796 initially.

Was just coming onto this jackozys. I suppose it's a half retrace of the hammer for the boys on here? The risk reward for this will be a good one. I would have preferred a green hammer breaking into the previous days close.

RMc

I'm really surprised that nobody followed up on this after the close on Friday night. A whopping great hammer right at multiple supports with possible bullish RSI and MACD divergences forming:



dl.dropbox.com/u/20815047/Golddaily06_01_13.gif

If this does follow through then a bounce off a 61.8% Fib is strongly suggestive of a wave 3 to come. Resistances at 1695, 1723, 1754, 1767 (trendline) and 1796 initially.

Back to the 4 hr

clip2net.com/s/2FLY9





Look were first resistance
RMc

Could this be the end of the correction and resumption of upward trend.

dl.dropbox.com/u/43650856/Gold%20-%204th%20January.htm

I didnt get to go long at the 1625 low but got a couple of positions in the 1630s..

Gold potential long

clip2net.com/s/2FIgU




I will await price action on this
But could be in a wave 5?

Regards RMc

Hi RG2,

Personally I'm sidelined on this now and waiting for a test of the main downtrend which is at 1767.75 today:



dl.dropbox.com/u/20815047/Golddaily03_01_13.gif

That level will fall daily of course and there's a minor resistance at 1754.4 too so I'm going to short it at that trendline on a first attempt only basis. In fact, if you look at the post $1921 move there's a clear sideways trading range between 1522 and 1800 too as shown here:



dl.dropbox.com/u/20815047/Golddailyrange03_01_13.gif