Thread: Gold
Chart of gold almost every time frame looks down .. now the price formed a resistance level at around 1585 ... and stochastics now just went on falling, to turn down .. so that the direction can be seen and there is a place to stop ... so you can try to enter into a short position ..
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Gold prices fell Monday due to reduced demand for gold-backed exchange traded funds and investors who continue to understand the impact of the widening of the U.S. government to cut spending (ownership) of gold.
The lack of major U.S. economic indicators and its flat trading U.S. equities failed to provide support to gold, which led to a quiet trade.
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Our preference: Bearish setups on a pull-back move to within 1578.20 1588.40 with targets @ 1572.15 & 1564.80 in extension.
Alternative scenario: Above 1588.40, watch for bullish setups with 1593.95 as target and 1602.95 in extension.
Comment: Gold price has remains under pressure. Stochastic overbought on hourly chart. Watch the level of 1583.88 (50% Fibonacci).
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GOLD analysis for March 05,2013 based on daily median
Upwards scenario:
If price move above 1573.50 expected target are:
R1 : 1576.60
R2 : 1580.40
R3 : 1584.20
Downwards scenario:
If price move below 1573.50 expected target are:
S1 : 1569.00
S2 : 1565.20
S3 : 1561.40
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Gold fil hal down ja raha hay is time 1572 per hay. ab is ko up jana chay. Gold ab 1571 per a gia hay. kuch down kay bad yeh up hoga.
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hi
how are you
we can see in the 1h chart
the pair will go to down way to the down trend line
i see the pair will go to down way to 1571.40
stochastic refers that the pair will go down
so our target sell from 1572.40 and our target will 100pips
Good luck
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in the h4 time frame the price is making a bullish engulfing pattern and now stoch is also move out from the oversold area. but the price at 1585.00 is resistance if the price is break we can long with the target next resistance at 1610.00
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Gold currently trading at 1577 today's high 1584 and low 1572,in my point of view wait for long position near 1560.for short position i think sell near 1580 stoploss 1585,and put buy stop 1586 profit target 1st 1595,2nd target is 1600.
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I think Gold is trying to reach the resistance level at 1583.88 now. Then, if Gold can break that resistance successfully, I think it will open a way for Gold to continue going up and reach the next resistance level at 1594.33. But if fail, Gold may fall and reverse to the support level at 1573.13 again.
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Gold is good metal for trading to day gold touches low 1571 and now at value 1576. i think by gold at level1554 is good to take some profit .also i think gold shows resistance to day at level 1584 and 1594. use stop loss at level 1547
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