Wednesday, 19 December 2012

Gold..continued (plus market gossip)

Take note of the fast stochastic 'ribbons' on the weekly and monthly time frames in the charts below with the
B line stochastics indicator panels and Heiken Ashi bars and Maccy-d.

 This is a crucial support area at $1669. if we drop through here we really could see another 10 to 25 buck fall. However studies using the MT4 RL/pithcfork indicator ( 4th down from the top) show two upsloping RL's. Price and time have not yet converged onto this area but we could see a zoom down through them or a pin bar and 10$ rise before we 'pass  down through' them in the coming weeks..remember what happened the first week in dec11/Jan12 ???. This is a time issue.  I understand from a source at a major bullion desk there are 'substantial' stops at $1648 and 'massive' stops at $1636-39. He has proved reliable in the past.

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