Gold

[nurdiantofxwave]

Gold plunged from the highest point in the american session yesterday at 15.63.10 level. Technically ma 16 has intersected with the ma 96. Now price is going to support a daily point (1535.03). if the decline continues then it is likely the price will reach a point of support at 1535.03 weekly.

[ashaab]

According to our previous report yesterday and last week, gold declined reaching the level of 1552.00, which represents the main target of the symmetrical triangle and also 88.6% Fibonacci correction as shown above. According to Fibonacci tools, which measure the possible extension of the downside movement, we find that the levels of 1536.00 and 1498.00 are the potential zones. A breach of 1552.00 might support gold to reach these areas through extending the downside movement during the session today , based on stability below 1579.00.



Recommendation : Based on the charts and explanations above our opinion is selling gold around 1555.00, targeting 1536.00, 1505.00 and 1498.00 and stop loss with 4-hour closing above 1590.00 might be appropriate.

[najaf12345]

Hi
i think today market will recover some move to upward side and hope this will be same trend the main trend of gold is bullish and its
this short time trend i hope this will continue bullish trend.

[yogesh]

12 points sharp recovery from low so far is sufficient to convice that nulls still are hopeful. Liitle more strength and bears will be scared and will run to hide themself. Hope we have made the bottom or are very near to it.

[simpleforex68]

Gold has decreased strongly. In H4 chart, there is a Divergence on MACD indicator. This is a signal for reverse. So, I think Gold will make a reverse to the Ichimoku Kumo Cloud and then it will continue to decrease strongly.

[nurdiantofxwave]

1. Trend analysis today with sma system:
sma 16 as short term trend indicator = down
sma 96 as medium term trend indicator = down
sma 480 as long term trend indicator = down
So the trend is bearish strong.

2. Pivot,ressistance and support level this day:
p: 1565.40
r1: 1575.30
r2: 1594.80
r3: 1604.70
s1: 1545.90
s2: 1536.00
s3: 1516.50

[yogesh]

Cant say what will be the bottom this time but i am confident that we are somewhere near to that - and those interested in long term investment or mid term profits should start accumulating at these levels and any downside if we see should be taken as an opportunity.

[ashaab]

Gold slipped approaching the technical target of the symmetrical triangle at 1552.00 which also represents 88.6% Fibonacci correction as shown above on the chart. Momentum indicators are still negative, which could trigger the continuity of the downside movement , while a breach of 1552.00 and stability below it might trigger the retest of the support level at 1532.00 later.



Recommendation : Based on the charts and explanations above our opinion is selling gold below 1579.00, targeting 1552.00 and 1532.00 and stop loss with 4-hour closing above 1590.00 might be appropriate.

[warnisw]

all banks has gold as main money! LOOK at gold monthly chart, what you see? > gold is only rising, inflation, bank of world is giving loan to to all country,;s by 1 or 2%, but where they will get these 2%? only by making another loan! and more and more money is out in forex market, and more and more money is equal to gold! gold will keep rising for ever, i know for sure, there will be many good pullbacks, because country; like USA will get economy back, and give back it;s loan, but still there are so many country's in our world!

[ashaab]

The metal is facing now the level of 1579.00, where a breach of this level might trigger the extension of the downside movement . The metal breached this level indeed, but yet further confirmation is needed. In general, our morning expectations remain valid, supported by the symmetrical triangle shown above on the chart.



Recommendation : Based on the charts and explanations above our opinion is selling gold around 1590.00, targeting 1579.00, 1552.00 and 1530.00 and stop loss with 4-hour closing above 1624.00 might be appropriate.