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FOREX & FUTURES day & swing trader.
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  • Gold for Bears: Daily update for 21 Nov 2011 0 comments
    Nov 21, 2011 6:43 PM

    This is just a quick update on gold's move to 430 bucks

    gold daily 21 nov 2011

    What do we have regarding the general bear trend:
    1. Last week closed down. This is a weekly reversal sign. 
    2. Today we closed lower, so this week should be a confirmation of this reversal if it closes down too. Monthly pivot is 1600, next challenging point.

    Now, about the daily chart:
    I am calculating where the bottom would be.and this is my best channel alignment found so far. If gold follows euro as I am thinking it will go , next two weeks will be all down, every day, and the bottom would be hit at around 1230 as this is where the line pases. Howver that line is more likely to be a median line of an adjacent channel, so it might be broken temporarily, this is why the ultimate low I believe will be 1180

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