Learning to read Price Action with P&F Charting

gold 60 min
$5 box size by 3 reversal
at trend res now 1350 area
horizontal res at 1370
could be telling us that we might get a dollar rebound
a long breakout column/upwards with no retrace so far
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gold 15 min
shows the downtrend that started on wednesday/fed day
$1 box size by 1 reversal
close.eliminates noise
we had the weakness pointed out on wednesday night.so all rallies were shorted
looks like it wants to break upwards
trend res/red lines are 1315 to 1320 area
support 1310,1307 and then 1300
there are prev horizontal supports going down to 1250 area
so
either we break that downtrend or it continues with the trend or more likely it consolidates

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news depends
 
depneds on the dollar
dollar index 4 hour
shows the downtrend that started on 9th julyat res..looks like dollar strength,especially with eurozone deflation..lets see what happens
if we break that res and move up ??
or consolidate
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