GOLD: H = Top of Bull Run
Hi Guys,
according to the Daily chart of USD/JPY that I posted on Feb 2, 2019 and the principle of negative correlations between their moves, GOLD is about to run towards the 166SMA with approx target/support at 1.260/1.240.
Since USD/JPY reached the level of the blue bold horizontal line at 112 with a bullish move, I would expect GOLD to unfold a bearish move. Instead you will note that Gold made a final run to make H before falling and start to correct the run commenced mid-August 2018.
If you click & play USD/JPY daily chart (below) you will note that from Jan 31st the pair made a run towards 112 (BULLISH MOVE). This is at the same level of the blue bold line.
If you click & play the GOLD daily chart (below) you will note that price made a final run at 1.340 before starting to pull back (BEARISH MOVE). And the pull back has been supported by previous low at approx 1.280 made before 1st S. This pull back may be the initial phase of a more deep correction of the run started mid-Aug 2018.
However, FOMC meeting at the horizon (in approx 48 hours). Be carefull. If DXY goes down or economy slows, Gold may well go up.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
according to the Daily chart of USD/JPY that I posted on Feb 2, 2019 and the principle of negative correlations between their moves, GOLD is about to run towards the 166SMA with approx target/support at 1.260/1.240.
Since USD/JPY reached the level of the blue bold horizontal line at 112 with a bullish move, I would expect GOLD to unfold a bearish move. Instead you will note that Gold made a final run to make H before falling and start to correct the run commenced mid-August 2018.
If you click & play USD/JPY daily chart (below) you will note that from Jan 31st the pair made a run towards 112 (BULLISH MOVE). This is at the same level of the blue bold line.
If you click & play the GOLD daily chart (below) you will note that price made a final run at 1.340 before starting to pull back (BEARISH MOVE). And the pull back has been supported by previous low at approx 1.280 made before 1st S. This pull back may be the initial phase of a more deep correction of the run started mid-Aug 2018.
However, FOMC meeting at the horizon (in approx 48 hours). Be carefull. If DXY goes down or economy slows, Gold may well go up.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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