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Spoiler:
Bias bearish in nearest term, a fall below 1727
area should test next support at 1715. Only a
clear break above 1740 area which should
trigger further bullish targeting 1750.
Resistance Level : 1740, 1750, 1760
Support Level : 1727, 1715, 1690
Trading Range : 1740 – 1715
Trend : Bearish
http://i50.tinypic.com/2i9ngk.gif
The short term trend of the Gold is to the upside. Intraday trading range of the Gold is expected among key support at 1720.00 and key resistance at 1775.00. Based upon my chart analysis, I prefer to buying the Gold around 1725.00 with target 1.55.00 then 1790.00 and stoploss with four hour candle closing below 1710.00.
At the H4 chart, the price is below 12 EMA and 72 EMA indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Take profit: 1689
Gold is currently testing the resistance amid medium term bearish channel in 1743. And is likely to initiate a decline. But if through this level will potentially large and reach the upper channel in 1761.
Technical indicators show no clear signal for resistance but do not penetrate, assuming drop is possible. Bollinger Bands much a result of the strong increase in prices today. Stabilization is expected in the near future.
Gold is currently testing the lower limit of the channel, we suggest two scenarios: the first is the hypothesis which we recommend sell a decrease in the level of 1743 with the first target in 1733 then in 1731. Translucent through 1746 would invalidate this scenario. The second scenario is the hypothesis through the resistance which we recommend "buy stop" which means buy gold soon pierce through resistance at 1743 with the first target at 1755 and then 1761. If penetrating through 1740 would invalidate this scenario.
The trading range for today is expected among the key support at 1720.00 and key resistance now at 1775.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing
the price of gold shows trading sideways since the morning stable around 1737.00, while still trading relationship between the sensitive levels and that hold the keys to the next destination for gold.
Price of gold suffered today a nasty spill recording its maximum fall in the past three months on concerns for global economy slowdown and in anticipation of the debates of candidates for the U.S. presidency. The October futures price of gold fell by $ 24.80 on the COMEX today and closed now is 1736.50 per troy ounce.
Condition of gold is currently in the range of strong support 1735. If prices are able to hold above that level then gold will go before the 1743 price level weakening again i think.
XAU/USD
BUY
Enter :- 1737.00000
TP1 :- 1737.20139
TP2 :- 1737.40279
SL :- 1736.59726
Note this is just my attempt to predict the price could be right or wrong stop-loss order is very important must put always follow the trend
GOLD
BUY above = 1738 UPPER TARGET = 1743
SELL below = 1732 LOWER TARGET = 1727
SILVER
BUY above = 33.19 UPPER TARGET = 33.68
SELL below = 32.50 LOWER TARGET = 32.00
GBP/USD
BUY above = 1.60750 UPPER TARGET = 1.61000
---------- Post added at 03:35 PM ---------- Previous post was at 03:33 PM ----------
buy gold @1739 sl 600pts tp open 7:54