Thread: Gold
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Gold has demonstrated a release from sliding alligator and after a long sideways consolidation price seems to determine the direction of motion - and it is south, on the daily chart continue to work out a signal to sell stochastics and RSI, now waiting for gold to support a minimum of about 1270.
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GOLD
Trading Signal - 6/8/2013 - 08:00 GMT+3 60min CHART
Downwards Weak
Waiting for a retracement higher towards the 1305.00 resistance level in order to reinstate SHORT positions.
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As you see in my following attached chart, the price of the gold traded between a high of 1321 and a low of 1297, closed at 1303. Today the metal trades below the resistance line of 1320.
Downside Scenario: As long as the Gold remains below the resistance line of 1320, a decline is likely to be seen into the levels of 1280, then 1267.
Upside Scenario: If the metal penetrates above the resistance line of 1320, this could send the metal to the levels of 1334, then 1348.
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Gold technical analysis
date : 08.06.2013
time : 11:30 GMT
time frame : 15 min
indicator :
1) RSI (14)
value: 40.83
2) MACD (26,12,9)
value: -0.649
3) ADX (14)
value: 19.88
4)CCI(14)
value: -122.77
overall trend - slightly bearish.
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today i like to buy Gold @ 1299.10
my stop loss of the day @ 1303.10
half take profit for today @ 1296.10
and further half take profit @ 1291.10
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Higher-high higher-low formation looks intact in xauusd & on swing support long legged PIN is formed.I'm buying on PIN's 50% with a r:r of 1:2.5 for a target of it's key resistance 1339.
Last edited by fxabdulrehman; 2013-08-06 at 03:51 PM.
I think This time good idea to gold but with using tp 1350. gold will upword in next 2 week so selling is a rizki.. so best of luck.
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Gold analysis for 08.06.2013 by using pivot indicator.
r3: 1338.54
r2: 1329.23
r1: 1315.57
pivot: 1306.26
s1: 1292.60
s2: 1283.29
s3: 1269.63
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elliott crucial revresal point it may attempt a test higher to 1336.60 1379,35 after which weakneas may set it a drift down to below 1239.53 limit
support and resistances
res2 1433
res1 1379
piovt 1293
sup1 1239
sup2 1154
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