FX.co ★ Gold. Intraday price movement. November 1, 2011. ZUP & APL`s technical analysis.

Gold h1
Minuette Wave Level
Current situation:
Gold is within the boundaries of 1/2 Median Line band of downwards Minuette Wave Level pitchfork 1718.28 <-> 1703.93 <-> 1689.58 that will determine the way the instrument is moving on November 1, 2011.
Possible scenarios of intraday price movements:
-> further movement within the boundaries of 1/2 Median Line band of downwards Minuette Wave Level pitchfork 1718.28 <-> 1703.93 <-> 1689.58, passing below 1689.56 on the crossing of the lower boundary of 1/2 Median Line and upper ISL38.2 boundary of Minuette equilibrium zone will determine the price movement within the band of Minuette Wave Level pitchfork -> 1689.56 <-> 1669.63 <-> 1650.94;
-> If Gold price is over the 1718.28 upper boundary of 1/2 Median Line band of downwards Minuette Wave Level pitchfork and breaks resistance of initial line of Micro Wave Level pitchfork at the level of 1725.87 , further price movement will be targeted at 1748.77 support level on the crossing of initial line of Minuette Wave Level and lower boundary of ½ Median Level of Micro pitchfork and, possibly, (if this level is broken) the price will hit 1764.73 support level on the crossing of Minuette pitchfork test line with Median Line Micro.