Thanks to The Almighty, Gold Commodity has followed exactly as predicted in March 17th Forecast. Click on the chart to enlarge.
Showing posts with label Head and Shoulder Pattern. Show all posts
Showing posts with label Head and Shoulder Pattern. Show all posts
Wednesday, March 24, 2010
GOLD Market Forecast Follow Up 03-24-2010
Commence with Gratitude to The Most Benevolent, The Ultimate Knower for The Knowledge and ability to share.
Thanks to The Almighty, Gold Commodity has followed exactly as predicted in March 17th Forecast. Click on the chart to enlarge.
Thanks to The Almighty, Gold Commodity has followed exactly as predicted in March 17th Forecast. Click on the chart to enlarge.
Monday, March 22, 2010
GOLD Commodity Market Forecast Follow Up 03-22-10
Commence with Gratitude to The Most Benevolent, The Ultimate Knower;
Gold Commodity Markets followed the forecast. down another 1+%.
Click on the Charts to enlarge. I shall be watching out for a potential (?) bounce up to the $108.00 range. I am watching smaller time frame (10 or 15 minutes) on the charts to give me the clue
Gold Commodity Markets followed the forecast. down another 1+%.
Click on the Charts to enlarge. I shall be watching out for a potential (?) bounce up to the $108.00 range. I am watching smaller time frame (10 or 15 minutes) on the charts to give me the clue
Wednesday, March 17, 2010
Gold Market Outlook 03-17-10
Commence with Gratitude to The Most Benevolent, The Ultimate Knower for the Blessings and ability to share.
I just returned from a life transforming trip from New York. I am grateful to The Most Gracious for such a stupendous bestowment.
I just have look at the Gold Commodity Market and SPDR Gold Trust (GLD). It is probably developing a chart patterns, that foretells intermediate downside in gold prices.
The head and shoulders pattern is usually considered as a reversal pattern and it is frequently seen in uptrend. It is also most dependable when found in an uptrend as well. The market begins to slow down and the supply and demand are generally regarded in balance. Sellers come in at the (left shoulder) highs and the downside is prodded (starting a neckline.) Buyers shortly return to the market and push through to new highs (and thus forming a head.) Nevertheless, after the new highs, the downside price is probed again (and thus continuing neckline.) Cautious buying re-surfaces and the market rallies once more, but fails to take out the prior high. (This lower swing high is regarded as the right shoulder.) Buyers give up and the market tests the downside again. The trend-line for this pattern should be drawn from the beginning neckline to the continuing neckline. Volume has a great importance in the head and shoulders pattern than other patterns. Volume usually increases as the price moves higher on the left shoulder. Though, the head is formed on reduced volume indicating the buyers are not as forceful as they were earlier in the uptrend. The last rallying attempts to form the right shoulder on even lighter volume, indicating that the buying has been exhausted. Then, new selling ensues. The pattern is complete when the market breaks the neckline. Volume should increase on the breakout of the trend-line.
I just returned from a life transforming trip from New York. I am grateful to The Most Gracious for such a stupendous bestowment.
I just have look at the Gold Commodity Market and SPDR Gold Trust (GLD). It is probably developing a chart patterns, that foretells intermediate downside in gold prices.
The head and shoulders pattern is usually considered as a reversal pattern and it is frequently seen in uptrend. It is also most dependable when found in an uptrend as well. The market begins to slow down and the supply and demand are generally regarded in balance. Sellers come in at the (left shoulder) highs and the downside is prodded (starting a neckline.) Buyers shortly return to the market and push through to new highs (and thus forming a head.) Nevertheless, after the new highs, the downside price is probed again (and thus continuing neckline.) Cautious buying re-surfaces and the market rallies once more, but fails to take out the prior high. (This lower swing high is regarded as the right shoulder.) Buyers give up and the market tests the downside again. The trend-line for this pattern should be drawn from the beginning neckline to the continuing neckline. Volume has a great importance in the head and shoulders pattern than other patterns. Volume usually increases as the price moves higher on the left shoulder. Though, the head is formed on reduced volume indicating the buyers are not as forceful as they were earlier in the uptrend. The last rallying attempts to form the right shoulder on even lighter volume, indicating that the buying has been exhausted. Then, new selling ensues. The pattern is complete when the market breaks the neckline. Volume should increase on the breakout of the trend-line.
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