$XAU vs $XAG Remains Bullish | #Gold #Silver $GLD #SILV
Friends,
A quick note on this relative strength chart between Gold and Silver. Last October 10th, 2013, I offered a bullish directional idea based on the completion of a pattern of moderate/high reliability, called the "Kiss Of Death ("KoD").
As the pattern play out quite well, so did price action, as it is now ever closer to the targets defined at the time as well, namely:
1 - TG-3 = 77.75 - 10 OCT 013. Targets #1 and 2 were it as per the two remaining yellow lines @ 50.80 and 503.98.
and
2 - TG-Hi = 80.29 - 02 MAR 2014, defined later on as low-probability.
OVERALL:
In the Forex context, I would keep an eye on Gold-sensitive currencies, such as AUD, CAD and CHF, as well as NZD, which are positively correlated to Gold. So, a decline in this relative strength chart should alert the Forex trader to the possibility of such throughout effect.
Cheers,
David Alcindor
Predictive Analysis and Forecasting
Get my signals, analyses and forecasts on Twitter:
(Alias: 4xForecaster)
-------------------------------------
Disclaimer:
- All my comments are founded on unshared proprietary as well as common knowledge of technical analysis: Do your own due diligence before trading any market/asset. Additionally, my signals, forecasts, analyses and directional opinions are for educational purposes only and are not trading recommendations. Again, do your own due diligence first, then seek financial advice from a licensed professional, and only then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
A quick note on this relative strength chart between Gold and Silver. Last October 10th, 2013, I offered a bullish directional idea based on the completion of a pattern of moderate/high reliability, called the "Kiss Of Death ("KoD").
As the pattern play out quite well, so did price action, as it is now ever closer to the targets defined at the time as well, namely:
1 - TG-3 = 77.75 - 10 OCT 013. Targets #1 and 2 were it as per the two remaining yellow lines @ 50.80 and 503.98.
and
2 - TG-Hi = 80.29 - 02 MAR 2014, defined later on as low-probability.
OVERALL:
In the Forex context, I would keep an eye on Gold-sensitive currencies, such as AUD, CAD and CHF, as well as NZD, which are positively correlated to Gold. So, a decline in this relative strength chart should alert the Forex trader to the possibility of such throughout effect.
Cheers,
David Alcindor
Predictive Analysis and Forecasting
Get my signals, analyses and forecasts on Twitter:
(Alias: 4xForecaster)
-------------------------------------
Disclaimer:
- All my comments are founded on unshared proprietary as well as common knowledge of technical analysis: Do your own due diligence before trading any market/asset. Additionally, my signals, forecasts, analyses and directional opinions are for educational purposes only and are not trading recommendations. Again, do your own due diligence first, then seek financial advice from a licensed professional, and only then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
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