GOLD

Gold broke the continuation pattern yesterday and traded to 1448...We have seen a return to the breakpoint of 1434 and up we are again...Ignore overbought levels...as this is starting to trend these indicators will prove fruitless....go on price action only on here and measured targets...Now there are measured targets from this pattern...the initial on is the highest point of the pattern...1439...to the lowest 1381...you subtract 1381 from 1439 leaving you with a 58$ differential...

Now...add 58$ onto the break of the pattern...In this case 1439...and what do we get...1497...Now this is the minimum measured target....what in reality we are taught is that the length of the pole can be a measured target also..so we do the sums again...this time taking it further apart...thus...1439 minus 1275 = a 164$ move...add 164 onto 1439 and you get a long term target of 1603....

With these continuation patterns they are very easily seen...and usually take less than 4 weeks to form on a daily charts...Obviously the weekly and monthly timeframes have different time predictions....We are long Gold at 1434 and 1442...and we will hold this position...because unless Gold crashes below 1410 we are still on course for the measured targets stated above..Of course we will have pullbacks...we expect that..but the Fib levels and Pivot Points and chart support I have put on the charts will help us negotiate the " noise" and hopefully keep us in this trend for min target 1497...

XAUUSD

The research provided by Charmer Charts is provided solely to enable clients to make their own investment decisions and does not constitute personal investment recommendations. No recommendations are made directly or indirectly by Technicalanalysisreports.com or Charmer Charts as to the merits or suitability of any investment decision or transaction that may result directly or indirectly from having viewed the technical analysis investment research. Customers are therefore urged to seek independent financial advice if they are in any doubt. The value of investments and the income derived from them can go down as well as up, and you may not get back the full amount you originally invested. Derivatives and foreign exchange trading are particularly high-risk, high-reward investment instruments and an investor may lose some or all of his or her original investment. Also, if you decide to acquire any investment denominated in a different currency you should note that changes in foreign exchange rates may have an adverse effect on the value, price and income of the investment in your own currency. Technicalanalysisreports.com or Charmer Charts shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the technical analysis investment research or any part of the research materials published or otherwise any loss of data on transmission, howsoever caused. Whilst the research material published is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Technicalanalysisreports.com or Charmer Charts, its officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials.

Analysis feed

Latest Forex Analysis

Editors’ Picks

GBP/USD extends gains toward 1.31 after upbeat UK wage figures

GBP/USD is extending its gains and advancing toward 1.31 after UK wage figures beat expectations with 3.2% annually. The unemployment rate remained at 3.8% in November. 

GBP/USD News

EUR/USD recaptures 1.11 amid upbeat German figures, USD weakness

EUR/USD is trading above 1.11 after the German ZEW Economic Sentiment beat with 26.7 points. Presidents Trump and Macron agreed not to slap tariffs on each others' countries. The US dollar is retreating.

EUR/USD News

Market delays the trip to the moon

The crypto markets continue to turn to a new bullish phase. This turnaround began at the beginning of the year after a consolidation phase that started in mid-2019. 

Read more

Gold retreats from 2-week tops, drifts into negative territory

Gold failed to capitalize on its early uptick to near two-week tops and dropped to fresh session lows, around the $1560 region in the last hour.

Gold News

USD/JPY: Weaker near 110.00 amid China virus fears, BOJ's status-quo

The Japanese yen retains the bid tone following the Bank of Japan's (BOJ) status-quo, keeping USD/JPY under pressure near the 110 level amid risk-off market profile. S&P 500 futures drop 0.40% while the US Treasury yields are down over 1.50%, as the sentiment is hit by the coronavirus outbreak. 

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures