james, obviously we are not in the predicting business and are not good at it. We can only try to make observations from the charts. When applying the murreymath lines and fibs, short-term outlook:
Today, XAU_USD is at the 8/8th level and overbought at price 1,500.00
Low = July 28th 1164
High = Dec 7th 1431
138.2 = 1536
The RSI(4) on the daily chart has made a bearish divergence against price candles. Look for the 4-hour EFT to close a red bearish histogram bar.
The tighter fib plot is:
Low = Jan 28th 1308
High = Mar 7th 1445
138.2 = 1497 (hit Apr 18th) which is about same as MML 8/8th.
161.8 = 1529
The 4-hour Gann_SQ9 has upswing hitting 1440-degree level of 1505.44, which is significant due to the 144 base number. It is bouncing down now.
Last edited by fxbaja; 04-20-2011 at 04:38 PM.