Thursday, May 19, 2011 4:21:42 AM
2011-05-19 GOLDS TD Sequential
Gold is slightly different... it hasn't broken any fb support. However, if all other commodities head lower, expect Gold to correlates...
Notice the TDST suppport (green dotted line) at $1,471.68. If this line turns solid green, Gold will continue to head higher and would probably break fb upward retracement support of 0.382 at $1,506.43 all the way to 0.618 at $1,533.60
However, if it breaks the green line at $1,471.68 it will create a TDST resistance marker (red dotted line) on the chart in between $1,471.68 and fb downward retracement support at $1,320.69. If it turns solid, then it will be a confirmed breakdown and we may see Gold at $1,320.69 worst case scenario.
But as of now, we haven't seen it...
Gold is slightly different... it hasn't broken any fb support. However, if all other commodities head lower, expect Gold to correlates...
Notice the TDST suppport (green dotted line) at $1,471.68. If this line turns solid green, Gold will continue to head higher and would probably break fb upward retracement support of 0.382 at $1,506.43 all the way to 0.618 at $1,533.60
However, if it breaks the green line at $1,471.68 it will create a TDST resistance marker (red dotted line) on the chart in between $1,471.68 and fb downward retracement support at $1,320.69. If it turns solid, then it will be a confirmed breakdown and we may see Gold at $1,320.69 worst case scenario.
But as of now, we haven't seen it...
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