October 28, 2012

Gold Weekly Market Rhythm, Oct 28 2012

Gold Weekly Market Rhythm, Oct 28 2012

gold weekly chart

This is the update post on XAUUSD (gold) price. The Round Top formation on MACD signal already fully formed. The price of XAUUSD also already reached the EMA 21, which in the Market Rhythm method is considered as the 'decision making' moving average.

There are three possible scenario here according to the market rhythm set up:

1. The price of the XAUUSD will break lower the EMA 21 (around 1690) and catch up the SMA 89 (around 1630)
2. The price will bounce off EMA 21 and break higher than EMA 8 (around 1730/40) and continue the previous bullish trend.
3. It is going on sideways for a while.

Whatever scenario played, please consult to your own money management. Trade if only the risk reward ratio provide the trading edge for you.

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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