Thread: Gold
There was not a significant movement on Gold yesterday, Gold still moving between the support and resistance level now. I think the next direction will be clearer if there's an interaction between the price with the nearest support or resistance level.If Gold can break 1583.88, Gold may goes up to the next resistance level at 1594.33. But if Gold can break the support level at 1573.13, Gold may falls to the next support level at 1562.34.
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Gold fell on Thursday after the ECB and BoE not voting instructions on the continuation of economic stimulus, and the data driven by upbeat U.S. jobless claims on the nonfarm payrolls report tonight.
Precious metals fell 0.5 percent after a series of two-day hike that posted the biggest drop in a weekly diary. Gold fell after the ECB did not provide a clear indication of future monetary easing and the BoE decided not to start again purchase plan gilts / bonds.
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Gold trading in the Forex business is a very exciting and I was very interested beginners with all this. I began to study why the spread is in contrast to trade gold spreads given for currencies, why the gold trade should use a long time and did not fit in intraday trade. I always ask and learn this and hopefully the senor can explain this to me.Originally Posted by Anytime
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GOLD (Spot) intraday: the downside prevails.
Pivot: 1587.00
Our preference: SHORT positions below 1587 with 1571 & 1565 as next targets.
Alternative scenario: The upside penetration of 1587 will call for a rebound towards 1599 & 1603.
Comment: gold prices are capped by a declining trend line. The 50 moving average is turning down. A further consolidation seems more likely.
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gold analysis for 03.08.2013 by using pivot indicator.
r3: 1594.63
r2: 1589.87
r1: 1584.13
pivot: 1579.37
s1: 1573.63
s2: 1568.87
s3: 1563.13
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Gold technical analysis by using moving averages.
date : 03.08.2013
time : 06:46 GMT
time frame : 15 min
sma200 : 1585.20 signal-sell.
sma100 : 1577.95 signal- neutral.
ema50 : 1578.75 signal- sell.
ema20 : 1578.26 signal-sell.
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in the h1 time frame we can see very clearly that the price of gold is moving in a channel pattern. the upper side resistance of this channel is 1585.00 and the support is 1567.00 we must wait to break this channel for any entry.
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I think Gold is very valuable metal. Forex treading is a very risky business. So I think Gold treading is not suitable for all even for >new treader. I also think gold treading is only better for perfect treader on Forex treading.
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hi
how are you
we can see in the m15 chart
the pair will go up to fibo 38.2
I see the pair will go to up way to 1577.96
stochastic refers that the pair will go up
so our target buy from 1577.00 and our target will 125pips
Good luck
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
First help from 1490 (Jun 27 low) accompanied by 1485 (76. 4% retrace of 1462. 45-1558. 25). First opposition is currently from 1526 (June per day high) accompanied by 1523 (Jun 23 high).
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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