October 8, 2012

Gold Weekly Chart Update: October 7 2012

Gold Weekly Chart Update: October 7 2012

XAUUSD market rhythm update

This is the update on the XAUUSD weekly chart. At last, the colored MACD signal turns into red, and the MACD formed a nice round top formation.

After tried to break above the 1800 in at least three weeks, the chance is good that the XAUUSD price to slow down a bit. The potential pullback to EMA 8 (around $1730) is anticipated, a break lower could send the XAUUSD down to EMA 21 (around $1680).

This is the update for Oct 9

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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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