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USD/JPY consolidation


The above quarterly chart shows how market is trying to sit after the long term rise coming from far lower. The key line is in the middle of 99 area where clearly many times candles failed to close higher except last 2013 quarter with the final push to 105.
The same situation seen in monthly is just to confirm that support is slightly lower and to underline the complete flatness occuring in recent months between 101.40 and 103.60
In my view, as shown in the above monthly chart, market is consol…
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scramble 12 Ago

In this first chart (daily) we see price behavior after the downtrend (red dotted) breakout, showing an important bounce in last days when reaching lower 102 area: the gray rectangle to enlight the importance of this area in the short -med term.

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scramble 12 Ago

In this second chart (daily) to show where is much probable to meet price in next 13 trading sessions left before contest expiry date: as seen, there are less probabilities for price to be closed to my target and more probably (darker) price will keep consolidating between 102 and 103 areas.

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scramble 19 Ago

Weekly chart show high potential for a continuation upward this week, with last one closing near 102.40. Key level on downside (in short term) will be again the 102. Expectation is a weekly close >103

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scramble 19 Ago

Daily chart shows market trading in the upper bound of the expected range.

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scramble 27 Ago

Price went higher than my target line in 103.75 and now shows an attempt in consolidation after the steep move up last week. As seen in the attached chart, lower support (blu dotted) goes near 103 - 102.90. Range area in next few sessions till contest expiry date, should be as seen in the chart 103.50-104.20.

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Let's talk Silver

In my blog I've only been talking about gold and you can find some of my comments and if you what my view on gold you can read here: Gold - Next Move and here Gold Outlook.
First of all I just want to make it clear this is my long term view on silver and not trying to forecast the next $1-2 move. In this regard I'm going to bring to your attention 2 long term charts to back up my bullish view on silver. First chart represents spot NY silver weekly closing price from January 1975 through April 20…
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Jignesh avatar
Jignesh 16 Abr

I thought for sure you'd say that the support was gonna hold and I'm thinking wow that's the first time our view point is different!  I missed my entry in GOLD yesterday by $3. Targeting $1050.  What target do you have for Gold?

Daytrader21 avatar

It's very hard to tell if current bottom level in gold will stay intact or if we're going to have another shake-out of weak hands, but I guess the extreme pain level would be below the psychological $1000 level, where the majority will give up on gold. However I'm only expecting a major move to the upside to start by the end of the year, as I'm expecting the current sell of from September 2011 top to complete a pi cycle of 3.14 years.

Jignesh avatar
Jignesh 16 Abr

Initially I expected a breach of 1000 as well.. but I'm making the assumption that there would just be too many buyers at that level.  There's a triangle in play on the Gold chart as well.  At least that's how i'm viewing it.

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