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GOLD-EUR/USD-ESZ11

10/21/11

I have a doctor’s appointment; I should be back at 10:00EST

7:10EST

ESZ11:

Today I’m looking for nowhere; meaningless directional movements until 2:00EST

After 2:00EST movements will be sharper (angles) although I’m not expecting to above or below yesterday’s highs or lows

The immediate move should be up in attempt to 1221.50; we may not reach 1221.50 on a straight line,

It could stall at 1220.00

But never the less once reaching 1221.50 it will try to continue up, in attempt to print a new high; but from 1222.25 to 1223.00 the selling resistance should overwhelm the buyers, an back down we go 1209 possibly 1206.00.

Then the intra day volume versus price movement will determine direction and range from 2:00 until the close.

Gold:

Yesterday it found support from the floating lower wall of our last pattern

We reached 1604.60 and marginally bounced/pause

As such we created a bottom bounce pattern

Up Target: 1653.30

Down Target: 1580.40

No change from yesterdays update (resistance)

Last update (yesterday)

Gold:

1632.30 is the resistance pivot (Strong and very pivotal)

Failing to trade above the pivot; I’m looking for down to 1590.00/1587.20

Trading above the pivot

Then 1645/1646 is the next resistance

The key on all upside moves

1st - 1632.30

2nd – 1666.60 (very strong)

Bigger picture: Weekly close

Failing to trade above the key compression gap at 1621.40

Takes us down to 1490.80; although first stop is at 1544.30

 

EUR/USD:

I’m looking for a move up to 13911/13914

But it appears to be compressing/contracting within a triangle

13747 is the OAV (NYSE:BB) but only within this developing triangle the triangles OAV is at 13789; 13817 is the triangles key resistance level (infliction upside)

The key support pivot has already held on 2 major moves or on 6 min or attempts

The patterns up price target is 14037, holding the pivot as such clearly indicates we reach 14037; providing the pivot continues to hold.

 

Crude:

Not clear