Gold In Between Opposing Emerging Patterns
MrTopStep | Apr 30, 2014 12:18AM ET
Gold futures in between opposing emerging patterns looking at the intraday perspective. Currently price is in between Gold Reserve Inc (GRZ.V)’s so these will be the initial levels to watch for a break and hold. A break is a close beyond the level, a hold is failure to return back inside that level.
A hold above 1297.2 has initial target at the top of the GRZ at 1299, above there has an important resistance test at 1302. Upside continuation has the ideal target at 1319.3 and scaling points at the green fibs with emphasis at 1306.6, because a breach of this level invalidates the opposing emerging pattern.
A hold below 1295.9 has the initial target at the bottom of the GRZ at 1292.2, then 1286.1 target and point of interest aka a scaling point at 1289.5. Downside continuation ideal target is 1272.8 and scaling points at the brown fibs.
BY Kathy Garber
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