Gold

[ashaab]

Gold declined rapidly and currently trading below 1582.00 which weakens the strength of the upside wave yet does not negate it. We see that gold might be forming the internal bearish B wave of the Zigzag Wave (ZZ) wave that started from the trough of D point of the Deep Crab Pattern. We expect that trading above 1561.00 keeps the upside potential valid , yet stability above 1582.00 is needed once more to confirm our expectations.



Recommendation : Based on the charts and explanations above, our opinion is buying gold around 1582.00 targeting 1599.00, 1608.00 and 1616.00 and stop loss with four-hour closing below 1561.00 might be appropriate

[nurdiantofxwave]

Gold back down again to yesterday lowest price at 1584.10. Hma 32 as short term trend indicator had changed to red colour in asian session that indicates price can go down more but in medium term trend is bull (shown by hma 192). Price is in above dayly pivot (1584.70) now, if there are big selling pressure price can break this level then down until monthly support 2 level (1581.63). But,look at stochastic indicator signal h1 is try to move up so price may move retrace up.

[simpleforex68]

We can see in H1 chart, there is an uptrend line of the pair. There is also an uptrend on MACD indicator. So, I think these signals will be good condition for the price to be up.

[kawish44]

Today gold is trading 1592 US$.i think it will soon resume its position .just watch and observe sy movement of market .

[ashaab]

Gold declined slight, that was expected indeed, we can see the overbought signs on Stochastic and we expect the metal to retest the first target of the harmonic pattern explained in our weekly report at 1582.00 before resuming the upside move . Stability above 1561.00 is essential for our intraday positive expectations to remain valid.



Recommendation : Based on the charts and explanations above, our opinion is buying gold around 1582.00 targeting 1599.00, 1616.00 and 1640.00 and stop loss with four-hour closing below 1561.00 might be appropriate this week

[yogesh]

My gut feelings are saying that Gold may drop down by $4 to 5 but it will soon revert back and will definitely cross its limits and will reach $1600 soon.

[delpacing]

Gold rally, away from the 4 �-month low level, due to lower prices to attract buying physical gold. However, further strengthening of the gold may be limited due to concerns over the worsening debt crisis, the euro zone. Since the beginning of the year, gold is moving in the direction of other risky assets, like stocks, minerals, and oil, as investors prefer to hold dollars. However, some analysts see the phenomenon may soon change.

[yogesh]

It is really good and encouraging for investors in gold that today it is trading in positive territory with some gains though it has not still succeeded crossing 1600 but if gold maintains the range i feel soon it may give a break up on upside.

[yogesh]

In last hours on friday gold has traded in a narrow range 1600 level is working as a strong resistance and despite trying several times gold was not able go beyond it - we may expect some correction or say testing 1570 level before breaking 1600 decisively.

[simpleforex68]

We can see that in H4 chart of the pair, the price is in downtrend because the price is below the ichimoku kumo cloud and ema 200. So, I think the price will be down soon.