Gold Weekly WC7Mar2016 Caution-12 March, Uptrending-7 March

Last week gold broke out of the triangle shown and made new highs as projected last week.

This week expect higher highs and higher lows, but in a narrowing trading range due to subwave formation to make d3 ideally around the 10th being the first test of 1300, which will confirm the December low as minimum pivot M-3. We should then get a bigger consolidation to the end of next week for d4, before the final high to make D3 towards the end of March or early April. Then April low to make D4, followed by D5 of W5 of M-4 before heading down to retest Decembers low.

Gold WC 7Mar2016

This weeks expected trading range is 1256.83 to 1288.77

Cyclical Daily support is at 1256.83 and 1218.79, with resistance at 1288.77

Cyclical Weekly support starts at 81.01 and breakdown support at 1144.22, with resistance at 1300.38, with breakout resistance at 1334.56.

A cluster of pivotal support lies at 1191.08, 1182.70 and 1180.20, and resistance at 1307.59, followed by 1345.08 and then 1392.08.

 

 

3 Responses to Gold Weekly WC7Mar2016 Caution-12 March, Uptrending-7 March

  1. Marc says:

    From this…….

    INVESTMENT HORIZON and HOW TO INVEST…. managing yourself – your expectations…. your biggest enemy…..

    Buy 1241.89 Stoploss 1237.24 (plus minus a bit for my inaccuracies) RISK = 0.38%
    Sell 1289.31 REWARD = 3.8%

    This is a one week investment horizon.

    If you playing monthly fractal….
    Same risk.
    Sell????? you cannot determine at this point therefore stupid investment, plus the draw down is going to be higher…. as weekly shows unless we breakout above red oval not much higher potential reward – if this 5th wave subdivides, and there are no signs of that from my analysis, nor the arrays – possible top is 1338…..

  2. Marc says:

    “This weeks expected trading range is 1256.83 to 1288.77” Actual range last week was 1237.24 and high 1284.53
    WHY???? not good enough!!!!
    The answer to that lies in the daily comment – We have had noise on a smaller fractal.
    So what to expect this week?

    Firstly if we look at the bigger picture.
    The orange oval is the maximum extent of this correction which will alter the wave count from this pivot being W-4 to M-4. This only comes into play with a break above the red oval which is the maximum extent if this is a W-4. So there is no need to worry what it is so long as we are on the correct side of the market on a smaller fractal!

    The red triangles show the extent of technically where this consolidation can end with the largest showing the last confirmation once prices break down, and the smallest showing the first confirmation.

    From wave counting rules on the weekly fractal confirmation of wave failure (20%) is 1228.34 and obviously last weeks high of 1285.77 is confirmation of the wave count.

    • Marc says:

      1237.42 is a confirmation that the analysis needs to be checked on a smaller fractal as that indicates either a wave failure or noise in accordance with MAP Wave counting rules.

      A break above 1285.77 Confirms count.

      On the daily fractal a break below 1237.24 is a analysis revaluation required on smaller fractal level. The options are shown on the chart, with an acceptable extent to 1222.15 which is a second warning that most likely the top is in.

      Daily resistance stands at 1289.31 and Weekly resistance is immediately above at 1294.09 and 1310.03

      Weekly trend change warning is a break of 1198.34 and confirmation is 1154.34, both of which are below current prices and hence are support.

      The expected trading range for WC 14Mar is 1241.89 before 1289.31

Leave a Reply