June 19, 2014

GOLD Violates resistance levels

  • Gold moves above 50 and 200 Day SMA
  • Daily cloud too is broken by gold bulls. Daily candle closing above the cloud will add strength for gold bulls.
  • Last chart shows immediate fib resistance levels.

1 comment:

  1. Time to buy Gold (our newsletter posted on 11.06.2014)
    After weeks of taking short positions in Gold, is it finally that we can buy it? Well, lets open our charts or just click on the image to expand and we see that there is a bullish daily chart! There is a gap down opening when the future expired and hence the question arises, will the gap close? The MACD, where bulls are stronger this time, ticked higher yesterday and one should have bought when there was a candlestick pattern, hammer in the daily chart. The risk-reward to trade gold at 25900 was way too good. Even if the gap analysis is to be done along with your daily EMA to be considered as a resistance, one could go long with a 100 point stop for a target of 600 points. 1:6!!

    25400 and near points are double bottoms for the chart and one should expect the Gold to rise on a pure technical point of view!