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Friday, 15 November 2013

Gold XAUUSD H4 & Daily


General Overview for 15/11/2013:

On Daily chart the TARGET area for wave Y of larger time frime cycle has not been finished yet and  the break out above wave (i) high will confirm more upside wave progression on this time frame. The Non Linear Regression model slope  is pointing upward and price should stay inside the channel.

On H4 time frame: As long as there is no new low the deep ZigZag correction might beacknowledged as finished and now more impulsive price action to the upside should be seen. The first clue is blue channel breakout if the red trendline will hold. Please notice that there is a probability that the price will test the low once again as the correction might be deep here.

Support/Resistance:
1260 - 1265 - DEMAND ZONE
1265 - WS1
1293 - Intraday Resistance
1295 - Weekly Pivot
1310 - WR1
1322 - 1327 - Demand Breakthrough Zone
1341 - WR2
1355 - WR3

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