We are going to reach 1,406 area during data tomorrow.
Then retrace to 1,351 38% of 1,2585 - 1,406 and previous 50% fib
and later 1,333 , which will be 50% of 1,2588 - 1,406 and previous top
of 1,1876 - 1,3334.
After that retrace I expect a slower than recently uptrend next few months.
The new trendline will be if you draw a line from 1,2588 through 1,3334 (the target of retrace.
http://img716.imageshack.us/img716/4...rweekly.th.png
Weekly timeframe in a worrysome position.
1) Broke the 61.8% Fibonacci retracement
2) Heading for Median line, should bounce of it but momentum will probably drive this up
Im having shorts placed at the median line, 40 Pip Stop Loss, long term play, timeframe 1.5-2 Weeks, Take profit target being 120 Pips
gold liquidating
