Thursday, May 4, 2017

Trendline Magic

Breakdown warning days in advance!

On April 27th the XAU slipped through its uptrend line to 80.36, which signaled a potential breakdown.  After a brief retest up to 83.35, it broke again, and today plummeted to 77.46, just under the March low of 77.62.

Closing above March to 78.26 was a positive sign; however, if downward pressure continues, an ABC-D target of 65.25 will likely be tested.  Below that is the E-Breakdown pattern result of 47.74, with a possible stopper above it at 54.12.


So far, the stubborn Dollar Index has refused to violate support.  Tomorrow's Jobs Report may be the highlight of the week.

Stay Tuned!


No comments:

Post a Comment