EURUSD 1.1851 |
USDJPY 111.52 |
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GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
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Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
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20/08 at 0500 to 1300 3 correctives waves.
20/08 at 1300 to 23/08 at 500 3 waves.
23/08 at 500 to 24/08 at 700 5 waves down
THIS ONE FORMED THE A WAVES.
then a complex 335 pattern till the 04/09 at 1300
then five down to 94.52 and that makes us the ABC forming only wave A prime.
all is followed by a 3-3-5 then five impulsives down to yesterday low. since the market is regaining momentum.
now lets see the side effect of the good nfp release if any.
for CL your trget pivot point of 96.4 palyed well with the release of the surprise ISM number.
98.14 is not big resistance so on release of EIA inventories number later today we can have 98.5.
For NFP release one can a number arounf the 170000 ceration in private payroll.
so CL is upplaying quiet the number to be released.
Binary Gold keeps increasing. The call options on the underlying instrument posted a huge advance during the trading session on Friday. It was partially favored by the depreciating U.S Dollar which is facing a selling pressure for now. This is the source of the upside potential in the precious metal. Binary traders betting on the given asset have plenty of opportunities to place many trades and earn nice cash.
The relationship between the greenback and the gold is inverse as usual for now. They are considered to be safe-heavens. In times of fear and uncertainty, they could move in tandem. The binary markets are not so far from the above-mentioned scenario. Thus, the binary traders should pay close attention to some change in the behavior between both instruments.
The value of binary gold could be boosted by a variety of factors. It could be purchased by investors shifting from low interest bearing government bonds that can not keep up with the rate of inflation. As an inflation hedge, it is about to leap when more money is printing by the Federal Reserve. The binary markets are witnessing this phase now.
The uncertainty about the future development of the global economy is pushing the price of gold much higher. This tendency is likely to continue. Binary traders should keep betting on the underlying instrument waiting for new yearly highs.
Potential short-term targets are $1730, followed by $1760.
Source:http://www.binaryoption.com/binary-options-trading-markets/binary-commodity-options-trading/rush-for-binary-gold-will-continue.html
The pattern was messy as I said so cannot have high confidence with the subjectivity. My best guess assumed W.A at 95.41 low, W.B at 97.72 high and W.C at the 93.95 low. This projected 127.2% of A at 94.07 which was achieved. Not ideal pattern so my next preference would be to assume ABCDE corrective completed with an impressive bounce back up.
The daily rsi, cci14 and stoch 9,3 hooked up slightly on the bounce from less than oversold conditions & have plenty of room to see your $100 level which happens to be right on the 78.6% ret level at 100.19 on my chart. I am not a great fan of indicators as they are lagging price. The daily is now testing the 200dma so needs to break above to increase our confidence for higher prices again. Then we have to get through the highs at the 70.7% level which was previously tested for 3 days. For me that 70.7% level is crucial.
on the 30th at 1500 on hour basis we have a five impulsives waves but should it be the C waves of the ABC pattern? on an eight hours basis.
on a daily basis, do you see the rsi at 75 with an objective of 100 dolar the barrel.
CL 60 or 120 min chart from the 98.29 high retraced down in a rather messy corrective looking pattern which made 127.2% typical completion of C level at 94.05. Price bottomed at 93.95 and then a substancial bounce back up today. So I am now doubting that the daily 70.7% fib level will be a significant high. I think we shall see that high at 98.29 being taken out in the next few days.
Pls don't rely too heavily :-)