Friends,
Predictive/forecasting model is bearish on $Gold, having defined significant R/S levels as follows:
1 - Strongest resistance within the 80.94/81.63 range
2 - Moderate support with reversal potential at 74.50
3 - Strong support with break-thru risk at 74.04
Also, model defines the following conditional targets, provided breach of 74.04:
1 - TG-1 = 69.31 - 16 MAY 14: Moderate probability of reversal if reached. Consider reversal to 74.04/74.50 range
and
2 - TG- = 64.64 - 16 MAY14: Moderate probability of reversal
A lower target also exists at this point, pending development of conditions defined above.
Just as the current (bearish) $Copper price may relate to the financial chart of $SCCO company, the current price of the metal may impact this $Gold company.
The relevant part to Forex would play out through correlations, such that we might see a decline in the price of gold, silver and copper bearing down on commodity-tethered pairs, such as $AUD, $NZD, $CAD, and indirectly on $EURUSD. Inversely, these changes may buoy USDollar index and its Forex pairs.
OVERALL:
Directional bias is both bearish on basis of predictive/forecasting model and this trader's technical interpretation.
Cheers,
David Alcindor
Predictive/forecasting model is bearish on $Gold, having defined significant R/S levels as follows:
1 - Strongest resistance within the 80.94/81.63 range
2 - Moderate support with reversal potential at 74.50
3 - Strong support with break-thru risk at 74.04
Also, model defines the following conditional targets, provided breach of 74.04:
1 - TG-1 = 69.31 - 16 MAY 14: Moderate probability of reversal if reached. Consider reversal to 74.04/74.50 range
and
2 - TG- = 64.64 - 16 MAY14: Moderate probability of reversal
A lower target also exists at this point, pending development of conditions defined above.
Just as the current (bearish) $Copper price may relate to the financial chart of $SCCO company, the current price of the metal may impact this $Gold company.
The relevant part to Forex would play out through correlations, such that we might see a decline in the price of gold, silver and copper bearing down on commodity-tethered pairs, such as $AUD, $NZD, $CAD, and indirectly on $EURUSD. Inversely, these changes may buoy USDollar index and its Forex pairs.
OVERALL:
Directional bias is both bearish on basis of predictive/forecasting model and this trader's technical interpretation.
Cheers,
David Alcindor
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