Saturday, August 17, 2013



This is the first time I'm writing on Gold.Gold took reversal from $1180. Gold was expected to see 1152 -1052 dollars.Gold took short term reversal and moving high.

Weekly Chart:

Gold gave a downward channel break out and sensing that there will be short term pull back.Breakout is marked with Blue triangle.Gold may pause in a trading range for a week or two with range bound mentioned with Blue Rectangle.Gold moved above 12 WEMA and trying to move towards 34 WEMA. Now it is moving in a small channel. Earlier lows which acted support for sometime may act as resistance now. Marked with Red line and showing with Red Downward arrow.

Daily Chart:

 200 DEMA on daily chart may act as resistance as well for sometime.

Fibonacci Retracemet :

If we look at the Fibo retracement of the fall, current raise almost reached 61.8% retracement. Closing above this may give potential chances of moving towards 50% retracement. before moving so, Gold may pause at around 61.8%.

Ichimoku Cloud.

Gold is trading well below Ichimoku cloud on weekly chart and looks like it is now trying to test the cloud once again on weekly basis. By the time Gold price reach the cloud, 200 WEMA could also fall in the same range of cloud.

If we look at daily chart, Gold prices recently moved above the Ichimoku cloud and trading above it. Now price looks moving towars 200 DEMA.

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