Subscribeputs the price of gold more negative pressure on the critical support level 1629.00
expected trading range for today is between support at 1620.00 and resistance 1645.00
Thread: Gold
puts the price of gold more negative pressure on the critical support level 1629.00
expected trading range for today is between support at 1620.00 and resistance 1645.00
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currently gold is trading at 1627 level.... as per my analysis gold have strong support at 1625.. from current level you can hold the long position and target 1636 as a target .... but if it penetrates and goes down to 1622 then this scenario will be invalid
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elliott extensnsion wave down 1627
market should not go lower than 1633.91 - 1628 - after yhis move down it should go up to 1642.45 - 1645 area
technical point
key point - 1628 - entry point 1640 - elliott 1653 - closing 1634 - projection 1630 - trend line
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gold is also moving in the down side. it is break the support at 1638.50 with higher momentum candle. at the time cci and stoch are also in the oversold area. we will see the down movement to the next support at 1600.00
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sell gold at the level 1633.84 with targets at 1625.54 and 1617.17, but in case of breaking the level 1638.14, then buy above this level with targets at 1652.92 and 1659.10
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Gold still under downtrend pressure and it is testing fibonacci 0.0 again. If bear can break it then price will continue fall to fibo 138.2% @1626. At opposite directions, it may rebounce to pivot 1638.
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The trading range of today is among the major support @ 1498 and the key of resistance @ 1511. The general over short term basis to the upside targeting @ 1511 as far as area of 1520.
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GOLD (Spot) intraday: under pressure.
Pivot: 1654.00
Our preference: SHORT positions below 1654 with 1625 & 1612 in sight.
Alternative scenario: The upside penetration of 1654 will call for a rebound towards 1662 & 1673.
Comment: the 20 and 50 moving average are heading downward. Technical indicators do not post any reversal signal. Gold prices are likely to extend their downward track.
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date- 15-2-2013
technical pivot point are-
resistance 3 - 1661.23
resistance 2- 1655.17
resistance 1- 1644.53
pivot point- 1638.47
support 1- 1627.83
support 2- 1621.77
support 3- 1611.13
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Gold has always been a safe haven in times of crisis, is something that seems to be that in times of crisis everyone wants to have, so in these times is when more increases its value, because people see it as a value refuge
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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