Monday, 9 July 2012

Gold.. Critical support form ML...looks like it could dump

I have posted about this supporting ML ( seen here above on the Esignal  platform) on various blogs/sites and it to me it seems to enforce my theory about historical ML's but what is more important is that we seem to be unable to break higher and so far we have been unable to break below. Remember this is at a slight angle in the chart below so the supporting ML  is slowly rising.
Below:Here it is in black/green/pink in the MT4 platform using custom indicators to insert the reaction lines in red from other historical PF's(ML's). These are different templates so have assorted reaction lines but all work to some degree or other on price. The longer we remain bumping along the 'bottom' $1550-1580 the more concerned i get that we may see a downward penetration. If we go through we could see a sharp drop of the likes one sees every so often in gold ...80-100$. Draw this big fork yourself (carefully)and then drop down to the 60 min chart and see the interaction with price.

No comments:

Post a Comment