GOLD on various time frames telling different stories.
Starting with Weekly and it is bullish and itching to show it's true colors. I suspect a break higher to 1807 would do that.
Coming to Daily and we have an ideal tgt of 1860 been portrayed. The downside can see upto 1733-36.
2 different view on 8 hrs and while 1st 8 hrs shows only main supp 1702-05 and resis 1860-62. with break under to show a move towards 1660ish...
Other one shows upcoming main supps namely 1766-67 supp and resis from 1807-10 since inclining.. Though a break higher to 1810 takes us to 1860ish we do have a median resis in b.w around 1835-38 and expecting it to hold..
To be honest under 1766 there are alot of supp all the way to 1733.-35.. Hence ideally if gold can stay higher to 1766-67 it should be able to test 1835-38 out making way for a 1860ish test form there onwards..
Main supp wise 1766 followed by 1733 followed by 1704 (REAL IMP) and finally 1660ish..
Upside and 1810 followed by 1836 followed by 1862 (REAL IMP) and 1950+...
GL..
GOLD
GOLD on various Time Frames
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Comment by Tahir Khan on October 14, 2012 at 12:19pm -
GOLD
Let 1750 test gets under way and let's see how goes the battle..
Main 8 hrs and almost everything explained out.. 1775-76 is now very good resis.. A move towards 1725 preferred against 1775-76 hold....
4 hrs does carry a 1750 decent looking supp and this is where we can see either a move lower or back up.. A break and a close under 1750 and all them who are shorts should be gunning 1718-25 region out..
1725 or so is expected 8 hrs tgt on a 1775 hold.
4 hrs have a extended lower tgt to 1718............
2 hrs not posting carries a 1734-36 as a decent supp indeed........
So keeping it simple, to begin with under 1775-77 hold like to be short........ under 1750 would like to hold shorts for a possible 1720ish play......
Back to building longs off 1718-25 for a move higher..
While 8 hrs is a bigger spectrum and pretty much shows 1725-75 play.. 4 hrs carries a 50-54 USD move as well from 1750-1802-04... but I know a bounce off 1750 now would show us 1830ish this time..Silver
Just checking and saw this old chart on Silver.. and it is still usable..
8 hrs shows neck has been broken on the Friday and HNS tgt comes to around 3210-15..
GL...
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Comment by Tahir Khan on October 14, 2012 at 1:40pm
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GOLD on 2 hrs and points to 1735 esp if on Monday 1763 ends up holding..
1750 as current supp also found on 4 hrs and then a systematic drop to 1735..
Still going forward for Monday prefer a 1744-1763 range before a more consolidated drop lower to test 1735 out..
While 1775-77 would be the eventual bull tgts to get a close higher to it, on the lower side under 1735 there is risk towards 1718 playout...... Under to it bulls are shaky for we should then be challenging 1680-84 out......
Weekly also supports 1735 lvl so perhaps ideal situation would be to see a 1763 test and a falter to set shorts for a 1735 play and hit longs for a well!! to see if it can close above 1777 or not..
GL..
Comment
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