By Scott Pluschau
www.scottpluschau.blogspot.com
Gold had a very bearish pattern on the Daily chart developing last week that I can the Inverted N",and it is similar to a pattern in Japanese Candlestick Analysis known as a "Falling Three Methods". The first leg of the N, did not break down with the second vertical leg in the N, thus this pattern is no longer valid. However intuitively I can see other patterns developing on the Daily chart...
In the meantime, Gold lifted out of a "Coil" pattern on the 30 minute chart, and found support at the Apex/High Volume Node of the profile afterward.
In my opinion Gold is subject to randomness on the Daily chart below the prior horizontal support and resistance level around 1630 and rising trendline support on the Daily chart at 1560.
Bulls don't want to see 1560 give way with the "Igniter Move" as the path of least resistance is lower to 1500 from there. The Igniter move is a large bodied candle with a surge in volume.
One other interesting note in Gold is this week's Commitments of Traders Report, which showed in the Legacy COT the Commercial Traders going Net Short 8,323 contracts, yet the Disaggregated COT report saw the Producer/Merchant/Processor/User category go Net Long 4,520 contracts. Open Interest increased at the cutoff for this report by 11,065 contracts.
Both categories are what I consider to be "Informed Money" and there is a clash here between the two reports. My initial reaction is the Bullion Banks are going out on a limb.
Gold is covered in every update that is sent to subscribers of my service. The ever changing patterns in price and volume are laid out from my perspective. Next issue begins Sunday March 31st. Come and join us. More information is in the tabs at the top of the blog.
Twitter/ScottPluschau
Email: ScottPluschau@gmail.com
In the meantime, Gold lifted out of a "Coil" pattern on the 30 minute chart, and found support at the Apex/High Volume Node of the profile afterward.
In my opinion Gold is subject to randomness on the Daily chart below the prior horizontal support and resistance level around 1630 and rising trendline support on the Daily chart at 1560.
Bulls don't want to see 1560 give way with the "Igniter Move" as the path of least resistance is lower to 1500 from there. The Igniter move is a large bodied candle with a surge in volume.
One other interesting note in Gold is this week's Commitments of Traders Report, which showed in the Legacy COT the Commercial Traders going Net Short 8,323 contracts, yet the Disaggregated COT report saw the Producer/Merchant/Processor/User category go Net Long 4,520 contracts. Open Interest increased at the cutoff for this report by 11,065 contracts.
Both categories are what I consider to be "Informed Money" and there is a clash here between the two reports. My initial reaction is the Bullion Banks are going out on a limb.
Gold is covered in every update that is sent to subscribers of my service. The ever changing patterns in price and volume are laid out from my perspective. Next issue begins Sunday March 31st. Come and join us. More information is in the tabs at the top of the blog.
(Click on chart to expand)
Twitter/ScottPluschau
Email: ScottPluschau@gmail.com
