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I try to look at what happened on tonight's gold movement from point C, D and E based on the picture above. From point C waves are formed is still in Wave Pattern Up, and this pattern will be failed if prices go down lower than 1204.48. From point D waves that form wave patterns are still in the fall, and this pattern will be failed if the price moves up higher than 1220.13. From point E waves that occur already formed wave down pattern, and this pattern will be failed if the price moves up higher than 1211.81.
Downward movement of gold in view of 1220.13 points reaching its lowest point at 1204.64 which occurred in the Tokyo market session this afternoon. The current price is in the range of 1209.68, meaning that when viewed from the point E 1220.13 then the movement is currently located in Sideway Movement Patterns. And Sideway movement pattern that occurs at this time is in between 1204.64 to 1210.42 while the highest price at this time.
Hopefully this information helps you all your trading strategy tonight, goodnight.
Source http://lemurianfx.com/newyork-session-gold-01-10-2014/
NEW YORK SESSION – GOLD Analysis, 01-10-2014
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Oleh
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