Updating the chart for our members interested in gold.

The reversal we anticipated in the higher yellow box zone has given a maximum move of circa US$6000 to this point on one contract.

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Updating Gold chart – Up trend line (red) has been tested. (To access previous posts click ‘Gold’ in the tag cloud)

Just a quick update on the oil chart for our members who actively trade this one. The chart has now changed to BRNKO but the parameters are roughly the same. The 4 hourly price action managed a break through the Kumo to settle around the Chikou support zone, so always the possibility here of a little hesitation and a test of the broken Kumo. Ahead Kumo turned bearish on the 4H with Kijun at 79.87 with possible Chikou resistance 79.20

A number of members have asked for an update on oil. Not much information to add to the past post just yet, but the price was held back as expected by the gap and previously supportive red up trend line.

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Updating chart for our members who have an interest in Silver

The expected potential reversal in the yellow box zone has given a maximum move of US$42 to this point. The action is still just inside the Kumo boundary, and with KS and a minor Chikou point just below as a possible next target.

A member has asked for an updated chart  on Silver. My thoughts at the moment are that there could be some hesitation at the old gap (khaki box), and that would be a good place to look for any reversal pattern. Be aware that Kumo is thin at that point but there may just be a retrace to test the lower Kumo base, then perhaps another move north. I personally like silver for the long term.

Some of our members trade Oil, so here’s a updated chart with a few thoughts.

IMO its possible oil could [The forex alerts and charts are protected for Trader Membership members and above. Join us to see all content]

Updating the chart.

The south bound move on the Purple Trace ran out of steam after a profitable move lower of around maximum $US39.  Daily action has now retraced higher into the thick  bearish Kumo, and just above where  I have placed a yellow box there

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In the light of the Chilean earthquake, and its possible after effects on copper prices, a member has asked for my thoughts on the copper chart. Copper is not something I have looked at for some time, but you can see on the chart there was an ideal opportunity to go long (first 2 yellow spots) using the Ichimoku signals. Currently the up-trend line has been broken and the price action is now testing from the underside. Old support often becomes new resistance, so perhaps pay attention to the yellow box (4H chart) area which contains the trend-line, a Chikou resistance and the round figure (350) near a recent high. Perhaps this pattern could turn into a 123 reversal. (See education on 123).

For Ichimoku learning.

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