XAUUSD: The down trend is being confirmed.
When markets are closed, we do have more time in order to analysis the long trend of commodities and the shape of the market.
On a big picture, if we do focus on the forest and not the trees, we can clearly see the confirmation of the reversal trend since Feb2014, and the range of gold. My primary objective remain to see gold moving toward 1180 despite some technicale correction on the way down. The technical correction may be on the upside, but nothing very serious.
1180 is a solid support level. We should see if the market seat on that level with a gentle speed, or if it will pass over that level toward 1095 and how though the 1180 level will be broken by the market.
ALthough Fibo level at 0.618 is 1154.48, depending on the momentum downhill towards, 1180, we may go to 1154, or even 1095, 1060 and finally towards 933.4, but at that stage, 993.4 is very much less probable; my headline limit remain between 1180 and 1154.48 which might be a safe entry level for a long position. This time the headline goals might be very much 2100-2400 but we are not htere yet, we do need to see the end of this pattern before everything...
On a big picture, if we do focus on the forest and not the trees, we can clearly see the confirmation of the reversal trend since Feb2014, and the range of gold. My primary objective remain to see gold moving toward 1180 despite some technicale correction on the way down. The technical correction may be on the upside, but nothing very serious.
1180 is a solid support level. We should see if the market seat on that level with a gentle speed, or if it will pass over that level toward 1095 and how though the 1180 level will be broken by the market.
ALthough Fibo level at 0.618 is 1154.48, depending on the momentum downhill towards, 1180, we may go to 1154, or even 1095, 1060 and finally towards 933.4, but at that stage, 993.4 is very much less probable; my headline limit remain between 1180 and 1154.48 which might be a safe entry level for a long position. This time the headline goals might be very much 2100-2400 but we are not htere yet, we do need to see the end of this pattern before everything...
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