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EURO - Almost Done? Gold - Watch its Fibo. Fan and 1,660-ish Level
Euro- retracement on its daily H&S breakdown is just a tag away from the minimum target of about 1.29.
- On the other hand, the correction has taken its RH&S breakout on the weekly chart back to its neck-line
- Interpretation: the correction in Euro could be almost done! Be careful if you are holding shorts in the equities for now...
Gold - watch the price action as per its Fibo. Fan & 1,660-ish resistance.
- A sustaining price above the upper fan line should prove a great deal of support for gold price
- In the mean time, we need to see gold price to work higher and break the 1,660-ish resistance to spell victory for a true bottom!
Author: William Yii
William Yii
AlphaOmegaHedge
Alphaomegahedge is a financial blog that attempts to use the powerful tools of technical analysis plus the big picture of some important fundamental views in identifying major & intermediate trends of risky assets. My main focus are precious metals & miners, U.S major indices & Malaysia Equities.
Author is an equities fund manger who is currently based in Malaysia.
Rightly or wrongly, the views expressed on this blog are of author's personal opinion and shall neither serve as investment advice nor recommendation under any circumstances. All views are meant for educational purposes only.
Copyright © 2013 William Yii