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Friday, 17 October 2014

Gold Weekly

General overview for 17/10/2014 13:30 CET

It is always a difficult task to correctly count the wave development inside of the triangle but this is as good as it gets: one more wave (v) green to the downside is needed to complete the whole impulsive structure in wave  Y black of the big degree wave 4 blue. As long as the level of 1006 is not broken, a multi year high is still possible to be made on Gold.


Support/Resistance:
1179 - 1183 - Key Support
1198 - WS1
1216 - Weekly Pivot
1248 - WR1
1266 - WR2
1273 - 1280 - Demand Breakthrough Zone

Trading recommendations:
Short positions should be opened from the level of 1266 with SL above the level of 1281 and TP at the level of 1100 min.





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