September 6, 2012

GOLD Resistance level

  • Gold weekly chart shows a weekly broken support line which may act as resistance.
  • Weekly fibonacci chart shows this resistance line and 50% Fib level at the same area. Breaking above this level will be difficult in case gold bulls cross this area then the target could be around 1770 - 1790 zone.
  • Trading below 1685 should give a short trade. Sustaining above 1698 should favor gold bulls.

1 comment:

  1. San,

    Great charts, great observations! Just a footnote - if you connect the last swing lows beginning the small triangle (base) in the weekly chart and then take a parallel line and place it on the last major swing high (top of the triangle), it is seen that the current week low is exactly on the upper boundary of the channel. A good support perhaps. Don't know if could express my self clearly. :P