Gold

It's just retesting the breakout point of 1268.

Bit of a battle going on.

Come on the bulls!

Added final weight at 1270.

Decent bounce from yesterdays breakout point..

Nice confirmation that the bulls are in currently in control of this move.

The weekly chart looks quite promising especially if the bulls can keep this going past 1322.

Still, it's early day's and 1300's hasn't been taken out yet.

Hi Diver,

Do you have this move up as potential primary wave 1 ?

Thanks
Amo

diver993 wrote:

dl.dropboxusercontent.com/u/7238706/Gold%20Ounce%20USD.png

For me the important level to confirm the uptrend is 1322: a break of this and we have reversed the trend. The target is then between the 50% and 61.8% fibs of the last cycle, and a handy resistance therein would be 1530.

Amo,

I have learnt that divulging or discussing labels only leads to controversy therefore I now keep things to s bare minimum and do not get involved in such discussions. Save it to say, if this breaks 1322 it should be a move up. Whatever label you want to give it is fine with me

I noticed a recent pattern in Gold..

July = Goes Bullish

September = Goes Bearish.

It looks to me like a weekly RSI breakout is occurring atm and it's July...

so, if this plays out like previously then I'd like to see a move up towards 50% fib + major downtrend resistance which peaks in September 1487 before then making it's way back towards new lows...

Going to be interesting to see what kind of price action we get around 1320.

We all seem to agree on $1320 being important but there's also the $1337.9 level and the 61.8% Fib as backup so my short stops will be just above that:



dl.dropboxusercontent.com/u/20815047/FTS...olddaily14_07_13.gif