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12 Nov 2014
Gold has another downleg – MP Trader
FXStreet (Barcelona) - Mike Paulenoff of MP Trader sees Gold advancing to $1180--$1200 levels before continuing its downward trend.
Key Quotes
“Although I do think GOLD has another downleg ahead that will press it into the $1080/50 target zone, my work argues that the recovery rally from last Thursday’s low at $1131.85 to Friday’s high at $1179.17 is incomplete, and "needs" another bout of strength into the $1180-$1200 target zone prior to the resumption of dominant downtrend weakness.”
“Of course, if spot GOLD is unable to lift from the $1150 area, and instead plunges to new lows straight away, the action will speak for itself, and we should expect $1080/50 soon thereafter.”
“For now, however, I am looking for stability above $1145 to be followed by a run at Friday's high. MJP 11/10/14”
Key Quotes
“Although I do think GOLD has another downleg ahead that will press it into the $1080/50 target zone, my work argues that the recovery rally from last Thursday’s low at $1131.85 to Friday’s high at $1179.17 is incomplete, and "needs" another bout of strength into the $1180-$1200 target zone prior to the resumption of dominant downtrend weakness.”
“Of course, if spot GOLD is unable to lift from the $1150 area, and instead plunges to new lows straight away, the action will speak for itself, and we should expect $1080/50 soon thereafter.”
“For now, however, I am looking for stability above $1145 to be followed by a run at Friday's high. MJP 11/10/14”