| Short Term trend: Bearish Intraday Bias: Conditionally bearish 
Gold is struggling to break above 1428.00 resistance level, the price has formed a bearish shooting star candle while failing to record a closing above the level on a four-hour closing basis. Accordingly, we may see attempts to resume the overall bearish wave today, but for further confirmation we need to see a break below 1417.00 level to expect a move towards 1400.00 again.
** Short term ( Less than three months) ** Chart is based on GMT+2 timing Notes: *if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore. | |||||
| Support | 1403.00 | 1590.00 | 1362.00 | 1340.00 | 1320.00 |
| Resistance | 1428.00 | 1440.00 | 1460.00 | 1478.00 | 1495.00 |
| Recommendation | Based on the charts and explanations above, we prefer to short gold below 1417.00 targeting 1403.00 and 1390.00. Stop loss above 1428.00 | ||||
Apr 23, 2013
23/04/2013
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