Gold

[ashaab]

Gold reached sensitive areas, which is the support between 1532.00 and 1498.00 per ounce. We can see that gold reached areas around the support for the main descending channel and momentum indicators are within oversold areas. Therefore, we see that gold might start an upside correction move today as far as 1498.00 remains intact . The expected bullish move is only a correction and fails with the breach of 1498.00.



Recommendation : Based on the charts and explanations above, our opinion is buying gold around 1529.00 targeting 1540.00, 1556.00 and 1566.00 and stop loss with four-hour closing below 1498.00 might be appropriate

[simpleforex68]

I would like to analyze in long term view of the pair. We can see that the price is in downtrend because it is below the Ichimoku Kumo Cloud and EMA 200. So, I think the price will increase slightly to the Kumo Cloud and then it will decrease strongly.

[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.