Friday, 5 August 2016

Gold and Comex Copper ( Sept16).... It's not over until the fat lady sings!

 With N.American equity markets reaching for the sky and all time highs the precious metal complex is struggling.Its is not impossible for a return to $1275 and the green CL seen below in ML/PF :B-D-C but i suggest you watch the horizontal support offered by historical PFs around the $1320 area indicated with red arrow. Also past support on LHS indicated. Don't understand what i am banging on about? Then take a look at the power of horizontal historical PF's here:

Copper (Sept 16):

A simple study using 3 important historical pivots gives another horizontal PF and its RL's in dashed red. look at the Centre line and price distribution around this line. This is organic support and resistance..... Add the FNL PF and you will see your trade entry and potential setup