Gold

Gold if offering upside reversal signs and that is normal with the completion of the Deep Harmonic Pattern, where its CD leg was an IM wave. We believe that there is a good chance for the upside move to resume to test 23.6% correction of CD leg at 1561.00 then move to the first target of the harmonic patter at 38.2% correction at 1582.00. Breaching areas of 1510.00 weakens the positive expectations, while a breach of 1498.00 negates it.

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Recommendation : Based on the charts and explanations above, our opinion is buying gold around 1540.00 targeting 1552.00, 1561.00 and 1582.00 and stop loss with four-hour closing below 1510.00 might be appropriate

Gold rebounded to the upside, achieving the targets suggested before, but the bullishness stopped around the barrier of 1582.00, where the metal reverses to the downside now, affected by the negativity of Stochastic. But, in general, the intraday upside move might extend today, targeting 38.2% Fibonacci correction as shown above, as a breach of this level will support the metal to move towards 1599.00 and then 1616.30.

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Recommendation : Based on the charts and explanations above, our opinion is buying gold with a breach of 1582.00 targeting 1599.00 and 1616.30 and stop loss with four-hour closing below 1570.00 might be appropriate

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.
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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.

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.

Gold rally, away from the 4 ½-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.

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.

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.

http://i47.tinypic.com/2mnrho6.gif

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

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

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.
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