Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

mohsinqureshii

Gold Bullish or Bearish

Recommended Posts

We now interrupt your technical programming...

 

The dollar is now “strong” and PM’s are ‘weak’ . But are PM’s really ‘weak’ ? Will an oz of gold still purchase pretty much what it always did in goods and services? Over decades and decades , has it lost anywhere near the purchasing power the USD, etc. has lost? The dollar is now “strong” and gold is ‘weak’ - but only if you have a very short memory or limited knowledge and understanding.

 

Have you held an oz of gold in your hands lately? It takes 1200 USD to buy that? I’m thinkin that one can buy 1200 USD with one little oz of the stuff says far, far more about the dollar (or whatever fiat/debt currency you’re ‘swapping’) than it does about gold.

 

Like - instead of at 2000 decibels, now it only screams at 1200 decibels in the canary mine. But that is still screaming bloody (money) murder.

 

Each of us is either pretending or not pretending that our (worthless) paper currencies have not lost any value since the exchange taxation / assassination / demonetization of PM’s. Each of us is either in denial or not in denial. Each of us is either herd supporting a lie, a fraudulent paper PM market, a ‘matrix’ of sorts - or NOT.

 

Just saw where Pension Benefit Guaranty Corporation says their guarantees of funds are uncertain / at risk / just may not be possible in over 50% of the un(der)funded pensions in the US. That, played on out, is how this fiat, keynesian rip-off , ultimately gets you - blatantly. If you are younger and paying/saving into this system, you are REALLY getting ripped off by unnoticable little bits and pieces every day.

 

...paraphrasing Francisco’s “money speech” in Atlas Shrugged - PM’s are an objective value, an equivalent of wealth produced. Fiat paper is a mortgage on wealth that does not yet exist, backed by a gun aimed at those who are expected to produce said wealth into existence. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it becomes marked: ‘Account overdrawn.’

 

Fwiw, for me re ” Gold Bullish or Bearish "

I have been bearish gold for years now in terms of silver. Over the years I have swapped gold for silver and just recently ‘finished’ - now (except for a selection of gold coins I want to keep) I’m entirely out of physical gold, entirely into physical silver (which has its own set up practical hassles, btw)

In terms of fiat, re ” Gold Bullish or Bearish" - I could not care less.

 

We now return you to your regularly scheduled technical analysis...

Share this post


Link to post
Share on other sites

Gold is a commodity.

All commodities closely follow the laws of supply and demand.

When prices rise, supply enters the market.

Historically, or normally, supply was physical, but we no longer live in normal times or we have a new type of normal. There are more ways to get involved in PM than one can list; most of which are paper gold that does nothing more than mimic the price of gold. More people have access to PM than ever before and that leads to bigger and deeper bull and bear cycles. Since we have seen the last sucker who bought, we are now looking for the last sucker who sold as we work through this incredibly oversupplied market. We are a long time away from the bottom. At this point we can expect gold to drop to lows not seen in at least a decade. A guess would be somewhere near $500 an ounce.

Share this post


Link to post
Share on other sites
well according to the history

... it seems that investing in gold still a better option :)

 

:helloooo:

 

"investing"

There’s that word again :)

 

gold is never a good investment

it is only rarely even among the best trades

its best purpose is as a (relatively) physically secure, easily transact able, etc. etc. store of (un-invested) wealth

 

 

:spam:

You Think You're An Investor? I Think Not | Zero Hedge

Share this post


Link to post
Share on other sites

Gold To Face Repeating Challenges: CPM Group's Gold Yearbook

 

Tuesday March 24, 2014

 

The factors which weighed on gold’s decline in 2014 are expected to carry over this year, said research firm, CPM Group on Tuesday.

“The annual average price decline during 2014 was smaller than the 15.6% decline seen in 2013, however, on an intraday basis, gold prices slipped to $1,130.40, their lowest level since 2010,” CPM Group said.

 

CPM expects these factors to remain in place in 2015.

 

Buying Interest

 

Investors purchased 28.1 million ounces of gold in 2014, a 16.3% decline from 33.5 million the previous year.

 

CPM Group said that although the reduction in purchases weighed on gold prices, it still ranked in the top 15 for highest level of investment demand since 1950.

 

“This relatively healthy investment demand was one of the primary factors that helped support gold prices at historically elevated levels during 2014. Longer term investors were largely responsible for the net additions,” CPM explained.

 

CPM anticipates investor purchases to decline in 2015 to 26.9 million ounces. This would still rank investment demand during 2015 in the top 20% of net additions to investor holdings on an annual basis.

Share this post


Link to post
Share on other sites
Tuesday should be the end of current correction to the bear trend and resume making new multi monthly and even multi year lows after taking out 1132.

Got a 1 day reprieve. Thurs should be it.

Share this post


Link to post
Share on other sites

Wall Street And Main Street Both See Higher Gold Prices Next Week

Friday April 17, 2015

In Wall Street vs. Main Street, out of 31 market professionals surveyed, 22 responded this week. According to the results, 13 experts, or 59%, see prices moving higher, while three, or 14%, see prices down and six, or 27%, see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

 

Turning to Main Street, 421 votes were collected in Kitco News’ online survey and the results were slightly closer compared to the market professionals. Of those who participated, 188 or 45%, are bullish on gold next week, 140, or 33% are bearish and 93 or 22% are neutral.

 

On the professional side, analysts said they expect the U.S. dollar to be the biggest factor in gold’s direction next week.

Share this post


Link to post
Share on other sites
-Russia buys one million ounces and increases gold reserves by another 2.6% in March

-Large purchase by Russia who normally buy some 300,000 ounces a month

-Russian gold reserves, at nearly 40 million ounces, are now fifth largest in the world

-Russia likely coordinating gold reserve accumulation with ex-Soviet States

...

-Central banks continue to accumulate large volumes

 

These are some stupid people. Why can’t they be like us and think gold is just another commodity that is only worth 500 precious USD per oz.? Stupid people in India think the stuff is valuable too. Why?

 

We now return you to your regularly scheduled Keynesian programming.

Share this post


Link to post
Share on other sites

 

These are some stupid people. Why can’t they be like us and think gold is just another commodity that is only worth 500 precious USD per oz.? Stupid people in India think the stuff is valuable too. Why?

 

We now return you to your regularly scheduled Keynesian programming.

 

It is not as simple as that, gold is not only a commodity but a fear indicator, safe heaven and it represents real value of the currency.

 

I think we'll see gold trading above 2k per ounce in the mid/long term future.

Share this post


Link to post
Share on other sites
It is not as simple as that, gold is not only a commodity but a fear indicator, safe heaven and it represents real value of the currency.

 

I think we'll see gold trading above 2k per ounce in the mid/long term future.

 

Dear pro4X

How did you work this out?:confused:

Are you expecting the $ to collapse mid/long term?:crap:

Or is it just gut feel?:rofl::rofl:

And how do I use this info to trade short term?:missy:

kind regards

bobc

Share this post


Link to post
Share on other sites
It is not as simple as that, gold is not only a commodity but a fear indicator, safe heaven and it represents real value of the currency.

 

I think we'll see gold trading above 2k per ounce in the mid/long term future.

 

pro4X,

 

I was being facetious... This trader loves to see instruments driven way below their cost of production...I like "desperation" ( btw not the 'desperation-lite' the way the word has become a new technical term in here recently )

 

gold is a commodity AND it is money.

Moneys have varying qualities. Gold is high(est) quality money, with very stable purchasing power, etc, etc...

to the point where when I look at a chart anymore I don't see it in terms of gold moving around in terms of dollars, I see it as your dollars goin' up and down...changing in 'value'. Basically, the PM's aren't going anywhere. It's the debt moneys that are flipping about...

 

:missy:

 

charles hugh smith-The Rehypothecation of Gold, and Why It Matters

 

and taking a sharp Fri afternoon turn...

http://www.acting-man.com/?p=36914

Louisiana bans using cash in sales of second-hand goods

Question of the day: If it’s not well hidden, do you actually ‘have’ any money at all? ;)

 

(to the NSA and whatever statist agencies you feed this info to, we hope your scrapers note the wink smiley at the end of that post...:rofl: )

 

we now return you to your regularly scheduled Keynesian programming

Share this post


Link to post
Share on other sites
It is not as simple as that, gold is not only a commodity but a fear indicator, safe heaven and it represents real value of the currency.

 

I think we'll see gold trading above 2k per ounce in the mid/long term future.

 

Simple supply and demand issues.

 

Lots and lots of supply created on the way up and maybe some more on the way down too.

 

Gold has a long way to go before the market works through all that supply.It will deal with the supply at lower and lower prices until all of it has been processed.

Share this post


Link to post
Share on other sites
Dear pro4X

How did you work this out?:confused:

Are you expecting the $ to collapse mid/long term?:crap:

Or is it just gut feel?:rofl::rofl:

And how do I use this info to trade short term?:missy:

kind regards

bobc

 

You are asking how to use knowledge of a long term trend for short term trades? :)

Maybe go with the trend???

 

My calculations were on the market cycles and yes, the great fall of the dollar in the long term.

Maybe something like that?

2e1x8u8.png

Share this post


Link to post
Share on other sites
You are asking how to use knowledge of a long term trend for short term trades? :)

Maybe go with the trend???

 

My calculations were on the market cycles and yes, the great fall of the dollar in the long term.

Maybe something like that?

2e1x8u8.png

 

Hi pro4

Thanks for the reply.

And what will happen to Gold when interest rates start rising?

The trend is DOWN..

regards

bobc

 

PS Apologies to zdo for my Keynesian approach.I know he prefers the Austrians ;)

Share this post


Link to post
Share on other sites

I believe in Austrian School of Economics - which also factors in supply and demand.

 

And there is plenty of demand for U.S. dollars through out the world currently and expected in the near future.

 

When that changes the price of Gold might change - from continuing to go down, down, down.

 

Down to $975 - $890 range. :haha:

Share this post


Link to post
Share on other sites
Lots and lots of supply created on the way up and maybe some more on the way down too.

 

Gold has a long way to go before the market works through all that supply.It will deal with the supply at lower and lower prices until all of it has been processed.

MM

 

We must be careful of over generalizing re: Supply (and Demand).

There is supply of real gold ... and then

There is supply of paper gold

These days it’s best not to fuse them... best to see them as two separate instruments

just sayin... :cool:

 

 

 

 

 

 

 

 

My calculations were on ...and yes, the great fall of the dollar in the long term.
proFXtrader

Something may be wrong with my thinking ...

Yes ultimately the USD is a ‘fiaty’ currency and will fail.

But I question the timing of the long running death meme of USD that comes from the alt financial ‘press’.

I don’t see the new Chinese ‘bank’, etc as being much of a threat to the USD Hegemony - esp in terms of exchange rates.

Along the way, I even see the possibility that gold could be ‘Strong’ AND the dollar could be ‘Strong’ simultaneously. HowThFk could that be?

 

 

 

 

 

 

 

 

 

Apologies to zdo for my Keynesian approach.I know he prefers the Austrians
bobseytwinz ;)

Keynes...

 

While I would certainly agree with Mises more than I would Keynes, if you came into the Austrian camp looking for me, it’s not likely you’d find me unless I just happened to be visiting at the same time as you...

 

and topics like whether or not Keynes was a socialist, etc or not are really not that important (and OMG you can have a whole dang internet argument about such “whethers”... google will provide you with enough misleading propaganda for a month).

The pivot is that he was a ‘Statist’ ( govts “owned by the people” haha (socialists, etc.) or govt ‘owned by the bankers’ haha (fascism, oligarchs, etc - both are Statist) ... Yet his book, The General Theory of Employment, Interest and Money was an instant success with both socialists and governments around the world—the latter, because his new “economic principles” stated that governments should control the monetary system—full stop. That was music to their ears, and most governments have been devotees ever since. And while Keynes himself would not advocate what a lot of “Keynsians” view as proper policy today - still he treated economics as a ‘philosophy’, not a science and, as a ‘statist’, the truth was irrelevant; all that mattered was the objective.

 

The sad truth - Mises was also a Statist... and his work would ultimately be corrupted to the objectives of stygian oligarchs. etc etc.

More salient to your gold is the current ‘trend’ stretching the central banks’ mandates to the next step - to a global money ...

An anarch...

Share this post


Link to post
Share on other sites

proFXtrader

Something may be wrong with my thinking ...

Yes ultimately the USD is a ‘fiaty’ currency and will fail.

But I question the timing of the long running death meme of USD that comes from the alt financial ‘press’.

I don’t see the new Chinese ‘bank’, etc as being much of a threat to the USD Hegemony - esp in terms of exchange rates.

Along the way, I even see the possibility that gold could be ‘Strong’ AND the dollar could be ‘Strong’ simultaneously. HowThFk could that be?

 

I see gold as a benchmark for the value of the Dollar, therefore while gold could be considered as a constant, USD will move around it and very likely loosing value due to more and more money being created our of thin air.

Share this post


Link to post
Share on other sites

The other way around. The dollar determines the value of Gold and most every other major tradable market in the world.

 

Don't fight the fed ... until that no longer applies.

 

The fed moves (some say controls) the markets. What they say and what zdo says is all that matters.

Share this post


Link to post
Share on other sites
The other way around. The dollar determines the value of Gold and most every other major tradable market in the world.

 

Don't fight the fed ... until that no longer applies.

 

The fed moves (some say controls) the markets. What they say and what zdo says is all that matters.

 

I dread the day the fed is no longer in control.I don't think I will be around then.

Share this post


Link to post
Share on other sites
I dread the day the fed is no longer in control.I don't think I will be around then.

 

Although USA is constantly fighting for the USD being the world trade currency, major market players (countries) are slowly moving away from the USD. In the long term Dollar will most likely lose the domination and Gold as a symbol of real purchasing power could take over. But as you say..."I don't think I'll be around then"

 

Corporations who control Fed, most likely control most of the gold reserves anyway and could allow USD to fall faster than we expect.

Share this post


Link to post
Share on other sites
Although USA is constantly fighting for the USD being the world trade currency, major market players (countries) are slowly moving away from the USD. In the long term Dollar will most likely lose the domination and Gold as a symbol of real purchasing power could take over. But as you say..."I don't think I'll be around then"

 

Corporations who control Fed, most likely control most of the gold reserves anyway and could allow USD to fall faster than we expect.

So you like to have it both ways.

 

If gold goes up - it is because the corporations want it to.

 

If gold goes down - see above.

 

I will continue to just trade price - which ever way it goes.

Share this post


Link to post
Share on other sites
So you like to have it both ways.

 

If gold goes up - it is because the corporations want it to.

 

If gold goes down - see above.

 

I will continue to just trade price - which ever way it goes.

 

 

I didn't say anything about DOWN, I said its a matter of time for UP (USD fall = GOLD rise).

Edited by pro4Xtrader

Share this post


Link to post
Share on other sites
I didn't say anything about DOWN, I said its a matter of time for UP (USD fall = GOLD rise).

You said:

 

"Corporations who control Fed, most likely control most of the gold reserves anyway and could allow USD to fall faster than we expect"

Share this post


Link to post
Share on other sites

Main Street Expect To See Higher Prices Next Week, Wall Street Bearish

Friday May 1

 

In an online survey, 351 people voted; of those, 170 participants, or 48%, expect to see higher gold prices next week, 117 people, or 33%, expect to see lower prices and 64, or 18%, are neutral.

 

This week, out of 33 market experts contacted, 19 responded; of those, 9 participants, or 47%, see lower prices, 6 experts, or 32%, see higher prices and 4, or 21%, are neutral on the gold market. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • GBPUSD Continues To Faces Corrective Recovery Risk   GBPUSD continues to face corrective recovery risk as it eyes further bullishness. Support comes in at 1.2100 with a turn below that level shifting focus to the 1.2050 level. Further down, support resides at the 1.2000 level where a break will turn attention to the 1.1950 level. Further down, support lies at the 1.1900 level. On the upside, resistance stands at the 1.2200 with a turn above here allowing for additional strength to build up towards the 1.2250 level. Further out, resistance stands at the 1.2300 level followed by the 1.2350 level. On the whole, GBPUSD retains its corrective upside pressure    
    • havent done any crypto withdrawals or deposits, maybe support can answer that... Im more if a traditional trader, straight up regular connection tbh. 
    • Date : 19th August 2019. Events to Look Out for This Week. Trade worries remain and are expected to keep flip-flopping between risk-off and risk-back-on sentiment. Hopes for more central bank stimulus vies with fears that a number of major economies are simultaneously heading for recession, with a number of developing-world economies with high Dollar debt levels particularly exposed to the shifting financial cycle. Given these fears, further conciliatory remarks are likely from both China and the US with regard to their trade spat. Nevertheless, next week the economic calendar also focuses on the PMI releases globally.Monday – 19 August 2019   Consumer Price Index and Core (EUR, GMT 09:00) – The Euro Area CPI for July is expected to hold at 1.1%y/y in the final July reading from 1.3%y/y in June. Energy price inflation was clearly largely to blame and the core rate fell back to just 0.9%y/y from 1.1%y/y in the previous month. The core is anticipated to remain unchanged as well. With growth slowing down and the improvement on the labour market starting to fizzle out, chances are that inflation will continue to undershoot the ECB’s target range, thus adding to arguments for a comprehensive easing package in September. Tuesday – 20 August 2019   Monetary Policy Meeting Minutes (AUD, GMT 01:30) – The RBA left rates on hold in its last meeting, after back-to-back rate cuts in June and July, which put the cash rate at a record low of 1.00%, while Governor Lowe said that more easing measures could be needed. Minutes are expected to shed further light regarding future easing stance. Manufacturing Sales (CAD, GMT 12:30) – Manufacturing sales are anticipated to grow 2.0% in June after a 1.6% rebound in shipment values was revealed during May and following a 0.4% decline in April. The surge in transport equipment sales is consistent with the improving economy and as such fits with the BoC’s overall view that the economy is improving after temporary weakness in Q4/Q1. Wednesday – 21 August 2019   Consumer Price Index (CAD, GMT 12:30) – Canada’s CPI did not challenge the outlook for steady BoC policy this year. CPI slowed to a 2.0% y/y pace in June from the lofty 2.4% y/y clip in May. Inflation remains around the 2 percent target, with some recent upward pressure from higher food and automobile prices. Core measures of inflation are also close to 2 percent. Even though CPI inflation will likely dip this year because of the dynamics of gasoline prices and some other temporary factors, the annual and monthly numbers for July are expected to remain steady. As slack in the economy is absorbed and these temporary effects wane, inflation is expected to return sustainably to 2 percent by mid-2020. FOMC Minutes (USD, GMT 18:00) – The FOMC minutes, similar to the ECB Reports, provide an assessment as regards the views of the Fed’s policymakers about the interest-setter’s future stance and are usually a cause for FX turbulence. Thursday – 22 August 2019   Jackson Hole Symposium – Day 1 Services and Manufacturing PMI (EUR, GMT 07:30-08:00) – July PMI readings highlighted manufacturing weakness. This picture is likely to be seen again in the preliminary readings for August, as Manufacturing PMI has been forecast at 46.3 from 46.5 last month, still down from 47.6 in June, and indicates a deepening recession in a sector that has been hit very hard by global trade tensions and no-deal Brexit risks. Meanwhile Services PMI is expected to fall to 52.7 from 53.2. Services and Manufacturing PMI (USD, GMT 13:45) – Preliminary Manufacturing are expected to grow in August, to 51.0 from 50.4, as Services PMIs are likely to fall to 51.7 from 53. New Zealand Retail Sales (NZD, GMT 22:45) – Usually considered an index of consumer confidence and overall consumption in the economy, higher retail sales point to higher consumption and hence higher economic growth which is good for the currency. Friday- 23 August 2019   Jackson Hole Symposium – Day 2 Retail Sales ex Autos (CAD, GMT 12:30) – Retail sales are expected to have decreased in Canada, with consensus forecasts suggesting a -0.5% m/m decline should be registered in June and an unchanged ex-autos component at 0.3%. In May, Retail sales were disappointing, falling 0.1% for total sales and declining 0.3% for the ex-autos component. The decline in sales was driven by a 2.0% tumble in food and beverage stores. The report casts some doubt on the resiliency of the consumer sector to the ongoing parade of worrisome geopolitical and trade developments. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • AUDUSD Market Dragged Lower on Bears Dominance   AUDUSD Price Analysis – August 15 The bears were in full control moving the market lower in the prior session, although in the present session we see the pair found buyers around the level at 0.6748 for the 4th day in a row while the pairs bear dominance is evident falling to lowest close since the beginning of the year.   Key Levels Resistance Levels: 0.7297, 0.7207, 0.7085 Support Levels: 0.6748, 0.6676, 0.6620   AUDUSD long term Trend: Bearish In the bigger picture of the daily time frame, the decline from the level at 0.7207 (high) is seen as resuming the long term downtrend from 0.7297 (February high). Firm break of the level at 0.6876 (low) should confirm this bearish view.   On observation, further fall may be seen to the level at 0.6620 (low) next. On the upside, the break of the level at 0.7085 resistance is needed to be the first sign of medium-term bottoming. Otherwise, outlook will remain bearish even in case of a strong rebound.     AUDUSD short term Trend: Ranging On the flip side of the 4-hour chart, the AUDUSD is staying in consolidation from the level at 0.6676 and it’s intraday bias remains neutral first. On the upside, the break of the level at 0.6827 will extend the rebound.   But upside should be limited below the level at 0.6909 support turned resistance to bring fall resumption. On the downside, the break of the level at 0.6676 may target 100% projections from the level at 0.7085 to 0.6827 from 0.7085 at 0.6620 level reflecting on the daily chart.
    • EURJPY Approached Recent Swing Lows, Likely to Breach the Low of the Year on the Level at 117.50   EURJPY Price Analysis – August 16   The pair depreciated again in value against the Japanese Yen. The currency pair during the mid-week breached both the upper and lower horizontal lines on the moving average 5 and 13 while completing another lap on the low in today’s session towards the low level at 117.50.     Key Levels   Resistance Levels: 123.01, 121.40, 119.91   Support Levels: 117.50, 117.00, 114.84   EURJPY Long term Trend: Bearish The Daily time frame displays the EURJPY at the low, showing the pair is also testing a swing area on the level at the 117.50 to the level at 118.16 below the moving average 5 areas. The price attempted to dip below the area on August 12 to the low for the year on the level at 117.50, but could not keep the momentum going. The swing area was reestablished as support on August 13 and again today   However, buyers are trying to lean against the low level at 117.50, on the retest and hoping for a quick bounce. The trend is showing a bearish outlook in the medium and long term.   EURJPY Short term Trend: Ranging On its Intraday, the bias in EURJPY remains neutral for the moment. With the level of 119.91 minor resistance intact, further decline is in favor. Although a break of the level at 117.50 will resume a large downtrend to the level at 114.84 support next.   However, on the break of 119.91 resistance will indicate short term bottoming. A stronger rebound should be seen to the horizontal resistance line now at 121.40.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.