Short Term trend: Bearish
Intraday: Bullish 
Gold dipped towards the initial support at 1360.00, but failed to break it to rebound again, completing a double bottom over the hourly time interval, and thus we expect the rebound to continue, targeting initially 1400.00 resistance, on a break above 1400.00, we would add to our longs targeting 1445.00 area.
** 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 | 1360.00 | 1340.00 | 1321.00 | 1310.00 | 1300.00 |
| Resistance | 1400.00 | 1410.00 | 1419.00 | 1425.00 | 1445.00 |
| Recommendation | Based on the charts and explanations above, we prefer to long gold above 1369.00 targeting 1390.00 and 1400.00. Stop loss with hourly closing below 1360.00 | ||||
May 23, 2013
Gold forecast
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment