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Despite the slight increase for most of the day, the price of gold fell sharply during this session, down below the $ 1700 per ounce level. Today, many investors have decided to reduce their positions in precious metals before the new 2013 year. The cost of February gold fell to 1693.80 dollars per ounce on the COMEX.
he yellow metal has stopped us out below 1,672.00 in the last trading session. Yesterday’s swing count was presented here. Wave 4 is looking to be formed at/between 1,635.00 to 1,645.00. Furthermore, it is also quite possible that yesterday’s spike lower than 1,672.00 level might have completed the necessary A-B-C correction from 1,795.00 level. It is recommended to buy 50% capacity around current levels and the remaining around 1,645.00 region. Also the 1,645.00 region is re-enforced by Fibonacci 0.618 support of the rally from 1,530/40 to 1,795.00. Buying on dips still remains the recommended trading strategy.
time frame- H1
gold is break down its lower support at 1683 and moving more down.
this is showing that price will continue move more down side. right now it moving at lower support at 1659. if this support level is breaked then we can see more down movement and price may be reach to next support at 1600.00
Gold
Current trend jo hai woh upward trend pe hai aur jab target hai 1554 agar price niche ki aur gaya toh lowest point hai iska 1536, breaking the trend turn to the downside targeting 1531 then 1525...................
Gold has shown a very strong decline and came to the 200 MA on the daily chart, it is already evident around and stop the formation of a double bottom (time schedule) MASD also formed a divergence followed by a buy signal (time schedule), still far below 1662, waiting for growth.
On hourly chart below price is 12 EMA (red) and 72 EMA (blue) indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Take profitt: 1636.10
Gold term bears remain in play, as yesterday’s upside rejection at psychological 1700 barrier and sharp fall through key supports at 1684/72, reached 1660 low so far, Break below 1660 may extend towards 1630 and expansion of wave from 1752.
As it opened below the pivot today, technically gold will likely fall towards 1661.10, but I prefer to wait a buy signal then choose to take short. I expected gold will break pivot line (1.668.72), once it happened, I think gold will rise.
Bias is still bearish, although gold rebounded yesterday to test resistance at 1776 area.
Break above this area is needed to trigger further bullish correction testing 1685 area.
Nearest bearish target is found at 1660 region, break below this area should add bearish pressure towards 1645 area.
Gold: The gold prices stabilized today after yesterday’s nasty spill, where they fell to a three month lows as many investors decided to reduce their positions in precious metals before the new 2013 year. The February futures price of gold on COMEX rose today to 1674.50 dollars per ounce as demand for gold in India and China this week was still above the average demand, which is usual for this time of year.
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